Oil prices skyrocket past $104 a barrel after US announces Strait of Hormuz blockade

Oil prices surged on Sunday after US President Donald Trump announced that the US would blockade the Strait of Hormuz following the failure of peace talks with Iran. US crude oil soared 8% to over $104 per barrel, while international Brent crude jumped over 7% to $103 per barrel. Wholesale gas prices also spiked 6% following the announcement.