WTI crude futures (the benchmark contract for global oil trading) surged to $105 per barrel on the New York oil market, up roughly $10 from the $95 level where they closed the previous week. The sharp rise came after President Trump announced plans to impose a blockade on the Strait of Hormuz (the narrow waterway through which a significant share of the world's oil exports pass), intensifying the standoff with Iran following the collapse of bilateral negotiations. The move has deepened fears of a serious disruption to global oil supplies, driving traders to price in a significant risk premium.