Global oil benchmarks surged nearly 6% on Monday following the implementation of a U.S. military blockade of Iranian ports. The escalation follows a collapse in diplomatic negotiations between Washington and Tehran over the weekend.
- U.S. military has begun blockading Iranian ports
- Oil prices surged nearly 6% in Monday dealings
- Action follows the failure of weekend diplomatic talks
- Market anticipates significant disruption to global oil supply
- Extreme volatility expected in energy benchmarks
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