Dhaka, April 13 -- Oil prices have risen sharply following US President Donald Trump's announcement of a naval blockade of Iran.

Brent crude, the international benchmark, rose more than 8 percent on Sunday to top $103 a barrel, reports Al Jazeera.

It was the first time the benchmark rose above the psychologically important threshold of $100 since Tuesday, when prices surpassed $111 a barrel.

Trump announced on Sunday that the US Navy would block all ships from entering or exiting the Strait of Hormuz, following the collapse of ceasefire talks between US and Iranian officials over the weekend.

US Central Command said in a later statement that it would only block vessels travelling to and from Iran and that other traffic would not be im...