Oil prices resume their climb and Asian markets decline as US prepares for blockade of strait

Oil prices have resumed their climb, rising above $100 per barrel. This comes after 21 hours of ceasefire talks between the US and Iran failed to end the war. The US is preparing for a blockade of the Strait of Hormuz, which could prevent Iran from selling oil. The move has raised concerns in the oil market, with prices rising roughly 5%. The blockade could keep more oil off the global market, exacerbating shortfalls due to Iran's restrictions. The US stock market has remained relatively steady, with the S&P 500 virtually unchanged and the Dow Jones Industrial Average down 0.5%. The price of Brent crude has risen to $100.18 per barrel, but remains below its peak of $119. Big US companies are beginning to report their earnings, with Goldman Sachs announcing a profit of $5.63 billion.