While the peace talks between the US and Israel failed to come to a proper conclusion in Pakistan recently, the oil prices amid the tensions continue to rise sharply on Monday morning. The sudden rise in prices came after United States President Donald Trump announced a naval blockade of the Strait of Hormuz.

As reported by news agency ANI, the Brent Crude prices on Monday morning jumped by 6.81 per cent to reach USD 101.68 per barrel. Similarly, West Texas Intermediate (WTI) crude oil rose by 7.97 per cent, trading at USD 104.26.