Energy stocks were gaining nearly 3% in midday trading Monday as oil prices spiked once again after peace talks between the US and Iran failed over the weekend, prompting US President Donald Trump to order a blockade of the Strait of Hormuz.

Cue Energy Resources (ASX:CUE) and Palm Valley joint venture partners Echelon Resources (ASX:ECH) and Central Petroleum (ASX:CTP) signed a binding multi-year gas sales deal with the Northern Territory government. Cue Energy shares rose 5% and Central Petroleum more than 3%, while Echelon was over 2% lower.

On the flip side, nearly all other sectors were in the red, as information technology stocks led decliners with a fall of more than 2%.

WiseTech Global (ASX:WTC) was down more than 1%, and Xero (ASX:XRO) was shedding almost 2%.