Crude oil prices have risen above $100 as the U.S. Navy prepares to impose a blockade on Iran's ports after peace talks failed. The closure of the Strait of Hormuz has led to a global energy crisis, affecting oil tankers and gas tankers. The military will enforce the blockade against all maritime traffic entering and exiting Iranian ports on Monday at 10 a.m. ET. President Donald Trump had previously threatened to blockade the strait if Iran failed to reach an agreement to end the war. The narrow sea route is a vital artery that connects Gulf Arab oil producers to global markets. It is unclear whether Trump will resume airstrikes on Iran.