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 getting ready to a renewed warfare after assaults on industrial ships within the Strait of Hormuz.
West Texas Intermediate futures for Might 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 stated. The ship had tried to get previous the U.S. naval blockade of Iran’s ports, Trump stated in a Reality Social submit.
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, in accordance with 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 cope with the U.S. The ceasefire settlement between the U.S. and Iran will expire this week. Trump known 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 stated the U.S. and Iran would maintain talks in Islamabad on Monday. However Iran stated it might not attend as a result of ongoing U.S. naval blockade, amongst different grievances, in accordance with state information company IRNA.
The sudden escalation in tensions over the weekend got here after the U.S. and Iran seemed to be nearing an settlement on the finish of final week.
Oil costs tumbled on Friday after Iran immediately declared the strait fully open to industrial visitors in response to the U.S.-brokered ceasefire settlement in Lebanon. Nevertheless it shortly turned clear that Tehran was imposing the identical circumstances for transit via the strait as earlier than.
Trump, in the meantime, refused to raise the U.S. naval blockade of Iran. Tehran reversed course and stated the strait would stay closed till the blockade is lifted.
WATCH: Shipowners cautious about sending vessels via the Strait of Hormuz