Oil price tops $100 a barrel after US-Iran talks fail and Trump orders strait of Hormuz blockade

US Navy to impose blockade today in bid to choke off flow of Iranian oil

Explainer: strait of Hormuz blockade

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Oil prices have jumped back above $100 a barrel after weekend talks between the US and Iran ended without an agreement and Donald Trump imposed a blockade of the strait of Hormuz.

The US president announced the blockade on Sunday, targeting Iranian vessels and ships that have paid a toll to Iran for passage through the strait, in an attempt to choke off the flow of Iranian oil.