Oil prices rise by over 7% amid blockade of traffic to and from Iran ports

Oil prices climbed above $100 a barrel on Monday as the US Navy prepared to block ships to and ‌from Iran via the Strait of Hormuz, Reuters writes.

Brent crude futures rose $6.96, or 7.3%, to $102.16 a barrel, while US West Texas Intermediate was up $8.12, or 8.4%, at $104.69 a barrel.

Trump has said the price of oil and gasoline may remain high through November’s midterm elections.