Oil prices surged sharply on Monday as the two-week ceasefire between the United States and Iran approached its April 22 expiry, with renewed tensions around the Strait of Hormuz rattling global energy markets .
Brent crude futures jumped more than 7 percent in Asian trading to nearly $95 per barrel, while West Texas Intermediate advanced nearly 7 percent to settle at $89.61 . The surge came after Iran reversed course on reopening the strategic waterway, which typically carries about one-fifth of global oil supplies .
Over the weekend, US President Donald Trump announced that American forces had seized an Iranian-flagged cargo vessel attempting to evade the US naval blockade of Iran’s ports . Iranian gunboats also reportedly fired on a tanker in the strait, while an “unknown projectile” struck a container ship, according to the United Kingdom Maritime Trade Operations Centre .
The two-week ceasefire, brokered by Pakistan, is set to expire on Wednesday if the sides cannot agree on an extension . While Trump said a US delegation would travel to Islamabad for a second round of talks, Iranian state media reported that Tehran would not participate, citing the ongoing US blockade and Washington’s “excessive demands” .
Shipping traffic through the strait remains at a virtual standstill, with only three crossings in the past 12 hours, far below the historical average of 138 daily transits . Analysts warn that prices could climb further if the ceasefire expires without a diplomatic breakthrough .
