Doug Krisner

And that is news when you want it with Bloomberg News Now.

I'm Doug Krisner and this is Bloomberg.

News when you want it.

With Bloomberg News Now, I'm Doug Krisner.

The U.S.

and Iran failed to strike a peace deal over the weekend, and in response, President Trump said the U.S.

will begin a full naval blockade of the Strait of Hormuz beginning on Monday.

Trump also threatened to retaliate in the event of Iranian resistance.

Here is Trump speaking earlier to Fox Sunday Morning Futures.

That was President Trump speaking to Fox News.

Trump also said negotiations collapsed because of differences over the nuclear issue.

Meantime, the president and his advisers are reportedly considering a resumption of limited strikes on Iran as a way of breaking the stalemate in these peace talks.

The Wall Street Journal reports Trump could also resume a full-fledged bombing campaign, although that is far less likely.

And Trump could seek a more temporary blockade while, at the same time, pressuring allies to take responsibility for a military escort mission through the Strait in the future.

Now, a full naval blockade of the Strait of Hormuz is being viewed by markets as a re-escalation.

At the end of last week, markets began to price in a peace dividend.

But now, in Asian trading, oil prices are rallying.

And a key question is whether this is the beginning of a true supply disruption.

Amrita Sen is founder and director of Market Intelligence.

That is Amrita Sen, founder and director of Market Intelligence, speaking earlier to Bloomberg this weekend.