Oil prices climbed during the early Asian trading session following the breakdown of peace talks between the United States and Iran over the weekend, reigniting concerns about escalating tensions between the two nations. Additionally, the U.S. Central Command, which oversees American forces in the Middle East, announced in a statement that it would begin blocking all maritime traffic to and from Iranian ports through the Strait of Hormuz starting Monday morning. This move could potentially disrupt oil supplies. The Strait of Hormuz is a critical waterway through which one-fifth of the world's oil is transported. Near-month West Texas Intermediate crude futures rose by 9.0% to $105.29 per barrel, while near-month Brent crude futures increased by 8.6% to $103.36 per barrel.