Ship traffic has been halted again in the Strait of Hormuz after President Trump ordered the U.S. military to begin a naval blockade of all Iranian ports and coastal areas starting Monday at 10 a.m. ET. Iran denounced Trump’s move as an illegal act amounting to “piracy” and has threatened to strike Gulf ports in retaliation. Trump ordered the blockade after the U.S. and Iran failed to reach a deal to end the war following 21 hours of talks in Islamabad, Pakistan. Global oil prices jumped after Trump announced the blockade. Ervand Abrahamian, professor emeritus of history at the Graduate Center at the City University of New York, predicts “the U.S. will start bombing Iranian oil installations. Iran will retaliate by bombing the Gulf oil installations, gas installations. The oil prices then could really zoom up. Some people expect it to reach $200 a barrel.” Abrahamian warns that soaring energy prices will have long-term implications for the world economy.