Oil prices in the Asian market rose in early trading due to the failure of US-Iran talks and the beginning of the US Navy's blockade of the Strait of Hormuz.

After the failed peace talks between the US and Iran over the weekend, oil prices surged in early Asian trading hours, reigniting the risk of escalation in the conflict. In addition, the US Central Command, responsible for overseeing US military forces in the Middle East, stated in a release that it will begin blocking all maritime traffic entering and exiting Iranian ports in the Strait of Hormuz on Monday morning, potentially causing a disruption in oil supply. The strait is a critical waterway through which one-fifth of global oil is transported. West Texas Intermediate crude futures rose 9.0% to $105.29 per barrel, while Brent crude futures for the near month increased by 8.6% to $103.36 per barrel in recent months.