Oil jumps over 4 percent after US seizes Iranian ship

Crude oil prices rose more than 4 percent after the United States seized an Iranian vessel and uncertainty persisted over a second round of peace talks with Iran.

The US is maintaining a naval blockade on Iranian ships and ports, while Iran has reimposed control over the Strait of Hormuz, through which about 20 percent of global oil exports flowed before the war began on 28 February. 

Patrick De Haan of GasBuddy said prices are likely to rise again as higher crude costs filter through. “We likely start to see prices rising again tomorrow afternoon,” he wrote, noting declines in most states over the past week.