"Brent crude futures jumped more than 7 percent in Asia on Monday as the outlook for peace between Washington and Tehran darkened, with prices easing somewhat later in the morning."
"US President Donald Trump announced that US forces seized an Iranian-flagged cargo vessel that had attempted to evade the US blockade of Iran's ports, contributing to the price surge."
"Iranian state news outlet IRNA reported that Tehran would not participate in the talks, citing the US blockade and Washington's excessive demands and unrealistic expectations."
"Iran's effective closure of the strait, which usually carries about one-fifth of global oil and natural gas supplies, has driven a surge in fuel prices worldwide."
Brent crude futures rose more than 7% following attacks on vessels in the Strait of Hormuz and conflicting US-Iran ceasefire negotiations. Prices peaked at $94.69 a barrel after US President Trump announced the seizure of an Iranian cargo vessel. Reports indicated Iranian gunboats attacked a tanker, while Tehran reversed its earlier declaration of an open strait. A two-week ceasefire is set to expire soon, with Iran refusing to participate in further talks due to US demands. The situation has significantly impacted global fuel prices.
Read at www.aljazeera.com
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