Oil prices jumped above $100 a barrel again on Monday as the US Central Command said it will block ships ‌from entering and exiting Iran ports via the Strait of Hormuz.

The US move is aimed at restricting Iranian oil exports, after Washington and Tehran failed to reach an agreement to end the war in Islamabad talks.

Brent crude futures rose $6.71, or 7.05%, to $101.91 a barrel by 0104 GMT after settling 0.75% lower on Friday, said a Reuters report.

President Trump said the ​US Navy would immediately start blockading the Strait of Hormuz, raising the stakes after marathon talks with Iran failed to reach a deal to end the war.

Trump said that the price of oil and gasoline may ​remain high in the United States ⁠through November's US midterm elections.