Oil Tops $103 on Iran Blockade Threat, Sparking Market Anxiety

Oil prices climbed above $103 a barrel after the US announced a naval blockade of Iran targeting ships entering or leaving the Strait of Hormuz, lifting Brent above $100 for the first time in days as Asian stocks and US futures slid on the escalation. The US Central Command later noted the blockade would apply only to Iran-related traffic, easing some fears while markets weigh the risk of broader conflict.