Fuel prices jump after peace talks fail

way2barak, April 13: Oil prices surged by more than 7% back above $100 a barrel on Monday after US President Donald Trump ordered the blockading of Iranian ports following the failure of peace talks between Washington and Tehran.

The failure of negotiations has raised concerns that the global energy crisis will deepen.

The strait, through which a fifth of the world’s energy shipments pass, has become a flashpoint of the conflict after Iran retaliated against US-Israeli strikes by threatening to attack vessels that try to use the waterway.

Shipments have largely been at a standstill since the US-Israel war with Iran started on 28 February, leading to energy prices surging around the world and pushing up costs for consumers, in particular making petrol and diesel more expensive.