The U.S. military announced Monday it would begin a blockade of all Iranian ports, following the collapse of high-level negotiations in Islamabad. CENTCOM said the blockade would apply to all vessels entering or departing Iranian ports on the Arabian Gulf and Gulf of Oman, while ships transiting the Strait of Hormuz to non-Iranian ports would not be impeded.

Iran called the move illegal and said it “amounts to piracy,” threatening a forceful response. Oil prices jumped roughly eight percent, with both WTI and Brent contracts topping $100 a barrel. Neither side has indicated what happens when the ceasefire expires April 22.

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