Brent crude rose more than 7 percent as Washington and Tehran offered conflicting statements on ceasefire talks.
Published on 20 April 2026
Oil prices have risen sharply following attacks on commercial ships in the Strait of Hormuz and conflicting messages about the possibility of renewed talks between the United States and Iran.
Brent crude futures, the primary benchmark for global prices, jumped more than 7 percent in Asia on Monday as prospects for peace between Washington and Tehran dimmed.
Recommended Stories
4 item listend of list
Prices eased somewhat later in the morning, with the benchmark at $94.69 a barrel by 02:05 GMT, down from $90.40 on Friday.
The latest price increase comes after US President Donald Trump said US forces had seized an Iranian-flagged cargo ship that had attempted to evade the US blockade of Iran’s ports.
Trump’s announcement followed a weekend report from the United Kingdom Maritime Trade Operations (UKMTO) Center that two ships were attacked while transiting the strait.
According to UKMTO, Iranian gunmen fired on a tanker, while an “unidentified projectile” hit a container ship.
After declaring the strait “fully open” on Friday, Tehran reversed course less than 24 hours later, citing the ongoing US blockade.
Earlier on Sunday, Trump had said that an American delegation would go to Pakistan on Monday for the second round of ceasefire talks with Iranian officials.
Iranian state news outlet IRNA later reported that Tehran would not participate in the talks, citing the US blockade and Washington’s “excessive demands” and “unrealistic expectations”.
A two-week ceasefire between Washington and Tehran is set to expire on Wednesday if the two sides cannot agree on an extension.
The initial round of talks held in Islamabad earlier this month broke down without any agreement between the two sides.
Iran’s effective closure of the strait, which normally carries about a fifth of global oil and natural gas supplies, has sent fuel prices rising around the world, forcing governments to tap emergency supplies and implement energy-saving measures.
Nineteen ships transited the strait on Saturday, up from 10 the previous day, but well below the historical average of 138 daily transits, according to the UKMTO.
Despite the possibility of easing of tensions, major stock markets of Asia opened with gains on Monday.
Japan’s Nikkei 225 rose more than 1 percent in morning trading, while South Korea’s KOSPI rose about 1.3 percent.
Hong Kong’s Hang Seng index rose about 0.5 percent, while the SSE Composite index in Shanghai rose more than 0.4 percent.
