Moscow: Oil prices surged past $100 a barrel as the US navy prepared to blockade the Strait of Hormuz after talks between the United States and Iran ended without an agreement. Brent crude futures rose $7.11, or 7.47 percent, to $102.31 a barrel, after falling 0.75 percent at Friday's settlement. West Texas Intermediate crude settled at $104.43 a barrel, up $7.86, or 8.14 percent, after declining 1.33 percent in the previous session.

According to Qatar News Agency, the significant rise in oil prices comes in the wake of escalating tensions in the Middle East region. The Strait of Hormuz is a critical chokepoint for global oil shipments, and the movement of the US navy suggests a potential disruption in oil supply routes. The failure of diplomatic negotiations between the US and Iran has further fueled market concerns, leading to the sharp increase in crude prices.