A cargo ship in the Gulf near the Strait of Hormuz, seen from northern Ras Al Khaimah, near the border with Oman’s Musandam administration, on March 11, 2026, during the United Arab Emirates, US-Israel conflict with Iran.
Stringer | Reuters
Oil prices soared Sunday as the United States and Iran teeter on the brink of another war following attacks on commercial ships in the Strait of Hormuz.
west texas intermediate Futures prices for May delivery rose about 7% to $89.74 a barrel by 6:45 p.m. ET. international benchmark brent The price for June delivery rose nearly 5.8% to $95.59.
President Donald Trump said on Sunday that the U.S. Navy shelled an Iranian container ship in the Gulf of Oman, after which Marines detained the ship. President Trump said in a post on Truth Social that the ship was trying to break through the U.S. blockade of Iranian ports.
The U.S. seizure of the ship followed Iran’s attack on a tanker in the Strait of Hormuz on Saturday. A Revolutionary Guards gunboat opened fire on the tanker and the container ship was hit by an unknown projectile, Britain’s Maritime Operations Center said.
President Trump on Sunday again threatened to blow up all power plants and bridges in Iran unless Iranian leaders accept a deal with the United States. The ceasefire agreement between the United States and Iran is set to expire this week. President Trump said Iran’s attack on the ship over the weekend was a “total violation” of the cease-fire agreement.
It is unclear whether the United States and Iran will meet in Pakistan for a second round of peace talks.
President Trump said the United States and Iran would hold talks in Islamabad on Monday. However, according to state news agency IRNA, Iran announced that it would not attend, citing the continuing US naval blockade.
The sudden escalation in tensions over the weekend came after the United States and Iran appeared to be close to a deal over the weekend.
Oil prices fell on Friday after Iran suddenly declared the strait fully open to commercial traffic in response to a US-brokered cease-fire agreement in Lebanon. However, it soon became clear that Tehran was imposing the same conditions as before on passage through the strait.
Meanwhile, President Trump has refused to allow the US to lift the naval blockade of Iran. The Iranian government reversed course and said the strait would remain closed until the blockade was lifted.
Attention: Shipowners wary of allowing ships to pass through the Strait of Hormuz
