Oil Soars 7%, OPEC Cuts Demand Forecast As Trump Moves to Block Iran Ports

Oil prices jumped more than 7% back above $100 a barrel as the U.S. moved to block ships sailing through the Strait of Hormuz in a bid to throttle Iran's oil exports. Brent crude for June delivery was up 7.1% to trade at $101.64 per barrel at 8.05 am ET on Monday, while WTI crude for May delivery soared 7.3% to trade at $103.66 per barrel. Following the collapse of peace negotiations in Islamabad, Pakistan, President Donald Trump announced on Sunday that the U.S. navy would begin a blockade of the Strait of Hormuz, with enforcement set to officially…