US oil benchmark jumps 8%, surpasses $100 after failed US-Iran talks

The US oil benchmark rebounded above $100 a barrel on Monday after peace talks between the United States and Iran failed to make a breakthrough, and with US President Donald Trump ordering a blockade of Iranian ports.

Shortly after trading began, a barrel of West Texas Intermediate (WTI) for May delivery rose around eight percent to $104.50, while June delivery of international benchmark Brent rose seven percent to $102.