Oil prices have surged by 1.96% to around $120 a barrel due to signs of a prolonged U.S. blockade of Iranian exports and stalled nuclear negotiations. This has led to fears that supplies will remain tight for longer. Goldman Sachs estimates that exports through the Hormuz have fallen to just 4% of normal levels, and that the continued blockade could exacerbate supply disruptions. However, the bank also warned of potential downside risks to global oil consumption in April.