Cargo ships within the Gulf, close to the Strait of Hormuz, as seen from northern Ras al-Khaimah, close to the border with Oman’s Musandam governance, amid the U.S.-Israeli battle with Iran, in United Arab Emirates, March 11, 2026.
Stringer | Reuters
Crude oil costs surged Sunday, because the U.S. and Iran teetered on the point of a renewed warfare after assaults on business ships within the Strait of Hormuz.
West Texas Intermediate futures for Could supply rose about 7% to $89.74 per barrel by 6:45 p.m. ET. Worldwide benchmark Brent for June supply superior almost 5.8% to $95.59.
The U.S. Navy on Sunday fired on an Iranian container ship within the Gulf of Oman, and the Marines later took custody of the ship, President Donald Trump mentioned. The ship had tried to get previous the U.S. naval blockade of Iran’s ports, Trump mentioned in a Reality Social publish.
The U.S. seizure of the ship got here after Iran attacked a tanker within the Strait of Hormuz on Saturday. Revolutionary Guard gunboats fired on the tanker and a container ship was hit by an unknown projectile, based on the UK Maritime Operations Centre.
Trump on Sunday threatened once more to explode each energy plant and bridge in Iran if its leaders don’t settle for a take care of the U.S. The ceasefire settlement between the U.S. and Iran will expire this week. Trump referred to as Iran’s weekend assaults on ships a “whole violation” of the truce.
It’s unclear whether or not the U.S. and Iran will meet for a second spherical of peace negotiations in Pakistan.
Trump mentioned the U.S. and Iran would maintain talks in Islamabad on Monday. However Iran mentioned it might not attend as a result of ongoing U.S. naval blockade, amongst different grievances, based on state information company IRNA.
The sudden escalation in tensions over the weekend got here after the U.S. and Iran gave the impression to be nearing an settlement on the finish of final week.
Oil costs tumbled on Friday after Iran all of a sudden declared the strait utterly open to business site visitors in response to the U.S.-brokered ceasefire settlement in Lebanon. Nevertheless it rapidly turned clear that Tehran was imposing the identical situations for transit by way of the strait as earlier than.
Trump, in the meantime, refused to raise the U.S. naval blockade of Iran. Tehran reversed course and mentioned the strait would stay closed till the blockade is lifted.
WATCH: Shipowners cautious about sending vessels by way of the Strait of Hormuz
