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Oil Prices Jump After Trump Says Iranian Ship Seized
Brent crude rose 6.4% as traders weighed fears that the seizure could disrupt shipments through the Strait of Hormuz, a key global oil route.
- On Monday, oil prices jumped in Asia after President Donald Trump said the US Navy seized an Iranian-flagged ship on Sunday in the Gulf of Oman.
- Tehran closed the Strait again on April 18 after alleging a US blockade violated the ceasefire agreement, prompting at least 13 oil tankers to turn back toward the Persian Gulf.
- Energy markets remain volatile as the waterway handles about 20% of the world's oil and LNG; Brent crude futures rose 6.4%, while West Texas Intermediate gained 7.5%.
- Vice-President Vance, Steve Witkoff, and Jared Kushner are scheduled for talks in Islamabad on April 21, though Iranian officials stated Tehran has "no plans for now to participate."
- While Trump claimed he saw a chance for a deal, Iranians said there was no "clear prospect" for an agreement, as unresolved issues including Iran's nuclear capabilities persist.
19 Articles
19 Articles
International oil prices surged 7%, while the stock market declined slightly amid a wait-and-see stance. Oil prices were influenced by the U.S. military's seizure of an Iranian vessel, and all three major indices fell slightly. Treasury yields and the value of the dollar declined in tandem.
Watch Oil and Gas Jump After US Seizure of Iranian Ship Imperils Talks
Oil and natural gas prices have soared after the US Navy seized an Iranian-flagged cargo ship during a chaotic weekend that saw Tehran firing at vessels and reimposing controls in the Strait of Hormuz. Bloomberg's Laura Davison and Stephen Stapczynski report on the latest.
On April 20, oil prices rose more than 5% on fears that a cease-fire between the United States and Iran could be disrupted after the United States seized an Iranian cargo ship.
Oil and natural gas prices skyrocketed after the U.S. Navy seized an Iranian ship during a chaotic weekend in which Tehran opened fire on boats and again imposed controls on the Strait of Hormuz. Brent crude rose to 7.9%, erasing most of its falls on Friday after the announcement of the reopening of this key road, while European gas advanced to 11%. However, on Saturday Tehran again closed this strategic point, after claiming that the U.S. block…
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