STORY: Oil prices surged more than 7% on Monday (April 13).
It jumped after the U.S. got ready to impose a blockade on Iranian shipping after peace talks collapsed over the weekend.
The move could restrict Iran's oil exports and aims to put pressure on Tehran.
It also leaves a fragile ceasefire in the balance.
Brent crude futures were up at $102 a barrel by early European time.
Oil has risen more than 40% since the war shut navigation of the Strait of Hormuz.
The dollar also rose early Monday, while stocks and bonds fell.
Both Asian and European bourses were down slightly.
Europe's STOXX 600 dropped just under 1% in early trade.
Investors will now wait to see if the U.S. begins more strikes on Iran.
The Wall Street Journal reported Trump and his advisers were weighing limited strikes.
Trump said on Sunday the price of oil and gasoline might stay high into November's midterm elections in the U.S.
One leading analyst said there were growing worries about inflation.
And that could get worse the longer the oil shock lasts.
It's led markets to prepare for central banks to more towards raising rates.
In a sharp turn from pre-war bets on rate cuts or a prolonged pause.
