Oil Prices Increase Past $100 As Peace Talks Between United States and Iran End Without a Deal

Following peace talks between the United States and Iran that ended without a deal, oil prices rose, and stocks fell on Sunday evening, according to The New York Times. 

Now, President Donald Trump has announced a plan to blockade the Strait of Hormuz, which is a vital waterway for exports such as oil from the region. 

Right now, there's a short-term cease-fire in place for the war that's entering its seventh week, which has increased gas prices across the United States. 

Oil Prices Continue to Rise, USA Strait of Hormuz Blockade Looms

According to the Times, U.S. Central Command says that U.S. forces would only interfere with vessels traveling to and from Iranian ports. 

"We're not going to let Iran make money on selling oil to people that they like and not people that they don't like... It's going to be all or none and that's the way it is," Trump said to Fox News. 

As a result, oil prices went above $100 when markets opened on Sunday evening. 

Here are some other notes from the Times: 

• Brent crude rose 7% to around $102 per barrel. 
• West Texas Intermediate crude rose 8% to about $105 per barrel. 
• As much as one-fifth of the world's oil supply comes through the Strait. 

Stocks Fall as Gas and Diesel Prices Rise

As for stocks, S&P 500 futures fell roughly 1%. The S&P 500 rose 3.6% for the week last week after the cease-fire was announced. 

Also, as for gas prices, the national average rose to $4.13 per gallon, and the overall cost has risen by 38%. The Times notes that gas prices "don't move in lock step with crude" and typically trail increases or drops by a few days. Diesel prices have risen quickly, up 50% since the start of the war, with a national average of $5.66 per gallon. 

We'll see if a deal can be struck during this cease-fire.