Oil prices surge after Trump announces Iranian tanker seized and Strait of Hormuz closed

Oil prices surge after Trump announces Iranian tanker seized and Strait of Hormuz closedThe US will head to Pakistan on Monday to try and secure a peace deal, but Iran has hit out fiercely against Donald Trump's latest move.NewsCallum Hoare05:50, 20 Apr 2026View 2 ImagesGlobal oil prices rose overnight after President Donald Trump said the US has intercepted and seized an Iran-flagged cargo ship.‌Brent crude futures were up by 4.74% at $94.66 (£70.11) a barrel as of 5:30am, which was a drop from the 7% high seen earlier in the night.‌"Oil markets continue to gyrate in response to oscillating social media posts by the US and Iran, rather than the realities on the ground which remain challenging for oil flows to resume in a rapid fashion", analyst Saul Kavonic from financial services firm MST Marquee told the BBC.‌"This is all part of negotiations, physically playing out in real time on the Strait of Hormuz."It comes as the fragile ceasefire between the US and Iran is on the verge of collapse following a direct naval confrontation in the Gulf of Oman.View 2 Images(Image: AARON SCHWARTZ/POOL/EPA/Shutterstock)‌President Donald Trump announced on Sunday that the US Navy successfully intercepted and seized the Iranian-flagged cargo ship Touska after it allegedly attempted to breach an American naval blockade.While the US is dispatching a delegation led by Vice President JD Vance to Islamabad, Pakistan, for a second round of peace negotiations, Iranian state media has rejected the invitation.Tehran has condemned the seizure of its vessel as an "armed robbery" and a violation of the existing truce, vowing to keep the Strait of Hormuz closed until the U.S. lifts its maritime siege.‌The ceasefire is due to expire this Wednesday - and Tehram and Washington still seem miles away from a peace deal.It comes just days after the situation appeared to be on the mend.Oil prices plunged more than 10 per cent on Friday after Iran declared the Strait o...