Iran threatened retaliation after the seizure in the Gulf of Oman, and it wasn't clear whether Tehran would attend talks in Pakistan, with a ceasefire set to expire Wednesday.

Global oil prices rose in Monday morning trade in Asia after President Donald Trump said the US has intercepted and seized an Iran-flagged cargo ship. It came after Iran said on Saturday that it was closing the Strait of Hormuz waterway again to commercial vessels and that any ship that approaches it would be targeted.

Oil prices are rising in early trading as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz, the Persian Gulf waterway that is crucial to global energy supplies

Oil prices have climbed more than 5% while Asian shares also advanced as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz

Iran’s military warned it would retaliate after the US Navy fired on and seized an Iranian cargo ship, as US negotiators are expected in Pakistan for a second round of peace talks. Follow live updates.

Oil prices climbed more than 5% and Wall Street veered toward losses before the opening bell Monday as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz.

Brent and US crude prices spiked late Sunday following a weekend of renewed tensions between the US and Iran over the Strait of Hormuz.

Oil prices are rising in early trading as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz