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President Donald Trump said the U.S. Navy will swiftly begin a blockade of ships entering or leaving the Strait of Hormuz after U.S.-Iran ceasefire talks in Pakistan ended without an agreement. U.S. Central Command announced that it will blockade all Iranian ports beginning Monday at 10 a.m. EDT, or 5:30 p.m. in Iran. CENTCOM said the blockade will be “enforced impartially against vessels of all nations.” It said it would still allow ships traveling between non-Iranian ports to transit the Strait of Hormuz. Earlier in the day, the United States and Iran ended 21 hours of face-to-face talks in Islamabad without reaching a deal. Read moreThe Latest: US military says it will blockade Iranian ports after ceasefire talks end

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Oil prices are rising in early market trading after the U.S. said it would blockade Iranian ports beginning Monday. The price of U.S. crude oil rose 8% to $104.24 a barrel and Brent crude oil, the international standard, rose 7% to $102.29. Brent crude has swung dramatically during the Iran war, rising from roughly $70 per barrel before the war in late February to more than $119 at times. On Friday, ahead of the peace talks, Brent for June delivery fell 0.8% to $95.20 per barrel. Iran has been effectively controlling the Strait of Hormuz, a key waterway for global oil shipping. Read moreOil prices rise after the US says it would block Iranian ports starting Monday

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