Cargo ships in the bay near the Strait of Hormuz, seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governorate, amid the US-Israeli conflict with Iran in the United Arab Emirates on March 11, 2026.
stringer | reuters
Crude oil prices rose on Sunday as the US and Iran edged closer to the brink of a new war following attacks on commercial vessels in the Strait of Hormuz.
West Texas Intermediate Futures for May delivery rose more than 8% to $90.91 a barrel. international benchmark brent June delivery rose nearly 8% to $97.45.
The US Navy fired on an Iranian container ship in the Gulf of Oman on Sunday and Marines later took possession of the ship, President Donald Trump said. Trump said in a statement that the ship had tried to bypass the US naval blockade of Iran’s ports. satya social post.
The US seized the ship after Iran attacked a tanker in the Strait of Hormuz on Saturday. According to the United Kingdom Maritime Operations Centre, Revolutionary Guard gunboats fired on the tanker and a containership was hit by an unidentified projectile.
Trump once again threatened on Sunday to blow up every power plant and bridge in Iran if its leaders do not accept the deal with the US. The ceasefire agreement between America and Iran will expire this week.
It is unclear whether the US and Iran will meet for another round of peace talks in Pakistan.
Trump said the US and Iran would hold talks in Islamabad on Monday. But according to state news agency IRNA, Iran said it would not participate because of the ongoing US naval blockade, among other grievances.
The sudden increase in tensions over the weekend came as the US and Iran appeared to be moving closer to an agreement late last week.
Oil prices fell on Friday after Iran suddenly declared the strait fully open to commercial traffic in response to a US-brokered ceasefire deal in Lebanon. But it quickly became clear that Tehran was imposing the same conditions for transit through the strait as before.
Meanwhile, Trump refused to lift the US naval blockade on Iran. Tehran hit back, saying the strait would remain closed until the blockade is lifted.
