Oil Jumps 5 Percent After US Seizes Iranian Cargo Ship
Oil prices rose over 5% on Monday after the U.S. seized an Iranian cargo ship. Tensions grew as Tehran threatened retaliation and halted diplomatic talks.
Global energy markets experienced a sharp reversal on Monday as Brent Crude Oil prices jumped more than 5%, driven by escalating geopolitical friction in the Middle East. The surge comes amid fears that a temporary ceasefire between the United States and Iran may be on the verge of collapse. Brent crude futures advanced $5.08, or 5.62%, to reach $95.46 a barrel, while U.S. West Texas Intermediate (WTI) climbed $5.01, or 5.97%, to $88.86. These gains effectively erased a portion of Friday's 9% decline, which had been triggered by optimistic reports regarding the reopening of the Strait of Hormuz.
