The United States will begin blocking some ships from entering and leaving the Strait of Hormuz on Monday morning after U.S.-Iran negotiations in Pakistan over the weekend failed to reach an agreement. President Donald Trump explained his decision during an interview on Fox News on Sunday, saying, "We're not going to let Iran make money on selling oil to people that they like and not people that they don't like or whatever it is. It's going to be all or none."How the blockade will workU.S. Central Command announced the blockade would begin at 10 a.m. Eastern time Monday. The military clarified that ships traveling between non-Iranian ports would still be allowed to pass through the Strait.Iran's parliament speaker responded to the move, saying, "If you fight, we will fight." Iran is collecting tolls from ships not affiliated with the U.S. or its allies navigating the channel. This began after the two countries entered a two-week ceasefire last week. This practice did not exist before President Trump launched the war.The blockade is expected to impact only a small number of vessels. The intelligence firm, Lloyd's List Intelligence, reported Sunday that ships had already stopped moving through the Strait following President Trump's announcement of the plan.The blockade could also further impact the global energy market. Brent crude oil, the international standard, was trading Monday morning for about $102 per barrel. That price had fallen below $100 for the first time in weeks, following the announcement of a two-week ceasefire between the U.S. and Iran. Before the war began in late February, Brent crude was about $70 a barrel. Gas prices have been climbing as well. AAA reports the average price for a gallon of regular gas today is $4.13. Before the war started, it was about $2.98 a gallon.Trump was asked on Sunday if oil and gas prices would be lower before the midterm elections. He said, "I hope so. I mean, I think so. It could be. It could be, or the same, or maybe a little bit higher, but it should be around the same."Iranian Parliament Speaker Mohammad Bagher Ghalibaf warned against the blockade, saying in a social media post, "Enjoy the current pump figures. With the so-called 'blockade,' Soon you'll be nostalgic for $4-$5 gas."Blockade ordered after peace talks failPeace negotiations that Pakistan hosted this weekend between the U.S. and Iran ended without a deal. The U.S. delegation cited Iran's refusal to give up its nuclear ambitions and inability to verbally commit to never seeking tools to build a nuclear weapon.Vice President JD Vance, who led the U.S. delegation in Pakistan, said, "We just could not get to a situation where the Iranians were willing to accept our terms. I think that we were quite flexible. We were quite accommodating. The president told us you need to come here in good faith and make your best effort to get a deal. We did that, and unfortunately, we weren't able to make any headway."Foreign Minister Seyed Abbas Araghchi, who is one of the main negotiators on the Iranian side, claimed they were close to reaching a deal but were met with "shifting goalposts and a blockade."When asked how long it might take for Iran to return to the negotiating table, Trump said he doesn't care if they come back or not."I think Iran is in very bad shape. I think they're very desperate. We had a meeting that lasted 21 hours. We understand the situation better than anybody, and Iran's in very bad shape," Trump said.Keep watching for the latest from the Washington News Bureau: