Oil prices rose sharply on Sunday as the US-Iran ceasefire neared its end, restricting shipping through the Strait of Hormuz.
International benchmark Brent crude rose nearly 7 percent to $96.88, while US crude rose 7 percent to $90.33.
The rise came after prices fell earlier in the week on hopes of waterways reopening.
However, according to CNN, Iran said on Saturday it was once again closing the strait to most traffic, accusing the United States of a “breach of trust.”
Tensions escalated after the US Navy fired on and seized an Iranian-flagged cargo ship attempting to bypass the US blockade in the Gulf of Oman.
Shipping data showed no oil tankers passed through the strait on Sunday, raising concerns about supply disruptions.
The development comes as a temporary ceasefire between Washington and Tehran is set to expire on Wednesday, increasing uncertainty over the future of global energy markets.
Rising oil prices are also expected to impact consumers as U.S. Energy Secretary Chris Wright told CNN that gasoline prices, currently averaging $4.05 a gallon, may not fall below $3 until “next year,” while it could still happen “later this year.”
