India, April 13 -- Oil prices jumped about 6% to more than $100 a barrel on Monday after the US military said it will blockade ships leaving Iran's ports, while Tehran threatened to retaliate against its Gulf neighbours' ports, raising fears of more energy supply disruptions after weekend peace talks broke down. Brent futures were up $5.76, or 6.1%, to $100.96 a barrel, while US West Texas Intermediate crude rose $5.69, or 5.9%, to $102.26.
Prices for physical crude barrels for immediate delivery to Europe were trading even higher, with some grades already at record highs of about $150 a barrel. If President Donald Trump "does indeed back his blockade threat with actual boats, a convergence between the paper and physical markets may soon c...