HAMILTON, Canada — Oil prices climbed sharply in early trading after the United States announced it would blockade Iranian ports starting Monday, in a move that further heightened tensions in global energy markets.

The decision marks a significant escalation in the conflict that began when the US and Israel launched military operations against Iran on Feb. 28.

Brent crude, the global benchmark, rose 7 percent to USD102.29 per barrel, while West Texas Intermediate (WTI) crude increased 8 percent to USD104.24 per barrel.

Oil prices have remained highly volatile since the start of the conflict, with Brent previously trading at around USD70 per barrel before the war and later surging past USD119 at its peak.

Markets had shown some easing on Friday, with Brent slipping 0.8 percent to USD95.20 per barrel ahead of peace talks between the US and Iran held in Islamabad, Pakistan.

However, the latest blockade announcement quickly reversed earlier gains, driving prices upward once again. (Anadolu)