Oil prices are climbing up again on Monday as tensions between the U.S. and Iran flare up again and the Strait of Hormuz remains closed.
Prices gained more than 5% across the board, with the international benchmark, Brent crude, topped $95. The U.S. benchmark, in turn, soared to almost $88.
Oil had seen large declines on Friday after President Donald Trump made a series of remarks suggesting the end of the conflict was near and that Tehran had agreed to several of Washington's demands, including giving up its nuclear stockpile.
However, Iran rejected this during the weekend. Moreover, forces rejected a claim from Foreign Minister Abbas Araghchi about the Strait of Hormuz being open throughout the duration of the ceasefire and fired at vessels attempting to cross.
The U.S. also said it is maintaining its blockade of the key waterway as well. And seized an Iranian-flagged cargo ship after attempting to bypass the blockade in the Gulf of Oman.
The development marks the first seizure of such a vessel since the U.S. blockade went into effect last Sunday. Trump said U.S. Marines disabled and seized the Touska after the "Iranian crew refused to listen."
The Iranian military, in turn, accused the U.S. of "maritime piracy" and vowed to "soon respond."
Tehran has also said it's begun rebuilding its stockpile of weapons and munitions during the ceasefire.
Brig. Gen. Seyed Majid Mousavi, commander of the Revolutionary Guard's Aerospace Force, said missile and drone launchers have been repaired since April 8, when the cessation of hostilities began.
"Our speed in updating and refilling missile and drone launch platforms is even greater than before the war," Mousavi claimed.
The fate of talks between the countries is uncertain as the ceasefire gets close to ending. Trump said on Sunday that a negotiating team will fly to Pakistan on Monday to continue negotiating an agreement with Iran, but again threatened to strike infrastructure used with civilian purposes like power plants if talks are unfruitful.
"We're offering a very fair and reasonable DEAL, and I hope they take it because, if they don't, the United States is going to knock out every single Power Plant, and every single Bridge, in Iran. NO MORE MR. NICE GUY! They'll come down fast, they'll come down easy and, if they don't take the DEAL, it will be my Honor to do what has to be done, which should have been done to Iran, by other Presidents, for the last 47 years," Trump concluded.
Iran initially rejected attending the talks, but Pakistani officials told press that Tehran showed willingness to send a delegation to Islamabad.
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