Oil prices jump as U.S. moves to blockade Iran, hitting Asian markets

Oil prices surged above $100 a barrel after the United States moved to blockade Iranian ports and the Strait of Hormuz. This followed the collapse of peace talks between the U.S. and Iran.

Asian stock markets and currencies, particularly in India, fell sharply in response to the spike in oil prices. Wall Street futures also dropped as the failed talks and blockade threats raised concerns about higher inflation.