Oil prices jumped significantly on Monday, with Brent crude futures rising 7.98% to $102.80 per barrel and US West Texas Intermediate climbing 8.61% to $104.88 per barrel. This surge follows the US Navy's announcement of a blockade in the Strait of Hormuz, aimed at restricting Iranian oil shipments after failed negotiations to end the ongoing conflict with Iran. Analysts predict that this blockade could choke off up to 2 million barrels per day of Iranian oil, exacerbating existing supply disruptions in the market. The US Central Command confirmed that the blockade would start at 10 a.m. ET on Monday, further intensifying the situation. Meanwhile, Saudi Arabia has restored its oil pumping capacity to 7 million barrels per day, indicating a readiness to stabilize the market despite the escalating tensions. Iran's Revolutionary Guards have issued warnings against any military vessels approaching the Strait, highlighting the potential for increased conflict in the region.