Oil surges after Iran and U.S. attack ships as tensions escalate over Hormuz
Cargo ships in the Gulf near the Strait of Hormuz amid the US-Israeli conflict with Iran, as seen from northern Ras al-Khaimah near the border with Oman’s Musandam administration, United Arab Emirates, March 11, 2026.
Stringer | Reuters
Crude oil prices rose on Sunday as the United States and Iran teetered on the brink of a renewed war following attacks on commercial ships in the Strait of Hormuz.
West Texas Intermediate Futures contracts for May delivery increased by approximately 7% to $ 89.85 per barrel as of 18.09 GMT. International comparison Brent June delivery rose nearly 7% to $96.57.
The US Navy opened fire on an Iranian container ship in the Gulf of Oman on Sunday and sailors later detained the ship, President Donald Trump said. Trump said the ship was trying to bypass the US naval blockade of Iranian ports. Real Social post.
The US seizure of the ship came after Iran attacked a tanker in the Strait of Hormuz on Saturday. Revolutionary Guard gunboats opened fire on the tanker and an unknown projectile hit a container ship, according to the UK Naval Operations Centre.
On Sunday, Trump again threatened to blow up all power plants and bridges in Iran if its leaders do not agree to a deal with the United States. The ceasefire agreement between the United States and Iran will expire this week. Trump called Iran’s attacks on ships over the weekend a “total violation” of the ceasefire.
It is unclear whether the United States and Iran will meet for a second round of peace talks in Pakistan.
Trump said that the United States and Iran will hold talks in Islamabad on Monday. But Iran said it would not participate due to the ongoing US naval blockade, among other complaints, according to state news agency IRNA.
The spike in tensions over the weekend comes after the US and Iran appeared to be moving closer to a deal late last week.
Oil prices fell on Friday after Iran suddenly declared the strait fully open to commercial traffic in response to a US-brokered ceasefire agreement in Lebanon. However, it quickly became clear that Tehran was imposing the same conditions for passage through the strait as before.
Meanwhile, Trump has refused to lift the US naval blockade of Iran. Tehran reversed course and said the strait would remain closed until the blockade was lifted.
