Oil prices rise after Trump claims Iranian ship seized5 Minutes agoPeter HoskinsBusiness reporterAFP through Getty ImagesGlobal oil price jumped on Monday morning trade in Asia, after President Donald Trump announced that the US had intercepted and seized an Iran-flagged ship. Trump had earlier said that his representatives would be in Pakistan for negotiations on Monday. A White House official confirmed that Vice-President JDVance would be leading the US delegation. Iran’s state media, however, said Tehran has “no plans to participate in the talks at this time”, although Iranian officials haven’t clarified their position yet. The oil markets continue to fluctuate in response to the social media posts of the US and Iran. This is more than the realities on ground, which are still challenging for oil flow to resume quickly”, analyst Saul Kavonic told the BBC. This is part of the negotiations, which are physically taking place in real time at the Strait of Hormuz. The Strait of Hormuz remained shut on Sunday after the Islamic Revolution Guard Corps announced it was ending a temporarily reopening due to the US blockade. It said that the US blockade violated their ceasefire agreement. Iran said it would remain closed until the US ended their naval blockade. Trump had said on Friday that the naval blocade would continue till a deal is agreed by both countries. Energy prices have been volatile since the start the Iran war. Brent crude, a benchmark price for oil futures, was trading under $70 a barrel before the conflict. Futures contracts are agreements to buy or sell assets for a specific price at a future date. Brent futures contracts are currently quoted for crude oil that will be delivered in June.
