Oil prices rose to $96 a barrel after the U.S. attacked and seized an Iranian cargo ship. President Trump said American negotiators were heading to Pakistan for more peace talks.

Global oil prices rose in Monday morning trade in Asia after President Donald Trump said the US has intercepted and seized an Iran-flagged cargo ship. It came after Iran said on Saturday that it was closing the Strait of Hormuz waterway again to commercial vessels and that any ship that approaches it would be targeted.

Oil prices are rising in early trading as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz. The price of U.S. crude oil increased 6.4% to $87.88 per barrel

Global oil prices jumped in Monday morning trade in Asia as tensions rose between the US and Iran over the Strait of Hormuz waterway. Brent crude futures were up by 6.4% at $96.13 (£71.27), while West Texas Intermediate was 7.

Oil jumped, pushing US stocks and Treasuries lower after a turbulent weekend in the Middle East cast doubt on the prospects for peace talks ahead of a looming ceasefire deadline.

Oil prices climbed Sunday after Iran once again blocked the passage of most ships through the Strait of Hormuz, a key waterway for one-fifth of the world’s crude.

Oil prices saw a dramatic shift after Donald Trump made a major announcement involving an Iranian vessel amid escalating tensions in the Strait of Hormuz. The development sent energy markets into

Oil prices surged Monday on a re-escalation of hostilities in the Middle East war after Iran closed the Strait of Hormuz at the weekend, just a day after reopening it,