SINGAPORE (Reuters) – Oil prices witnessed a significant jump of more than six percent on Monday following the closure of the Strait of Hormuz after the US and Iran accused each other of ceasefire violations.
Brent crude futures soared by $6.11, or 6.76% to reach $96.49 a barrel by 2327 GMT and US West Texas Intermediate hovered at $90.38 a barrel, up $6.53, or 7.79%, according to Reuters.
The surge comes after tensions heightened between the two sides after the US forces operating in the Arabian Sea enforced naval blockade measures against an Iranian-flagged cargo vessel attempting to sail toward an Iranian port, April 19.
Guided-missile destroyer USS Spruance (DDG 111) intercepted M/V Touska as it transited the north Arabian Sea at 17 knots enroute to Bandar Abbas, Iran. American forces issued multiple warnings and informed the Iranian-flagged vessel it was in violation of the US blockade, UC Centcom said in a statement shared on X.
After Touska’s crew failed to comply with repeated warnings over a six-hour period, Spruance directed the vessel to evacuate its engine room. Spruance disabled Touska’s propulsion by firing several rounds from the destroyer’s 5-inch MK 45 Gun into Touska’s engine room. U.S. Marines from the 31st Marine Expeditionary Unit later boarded the non-compliant vessel, which remains in U.S. custody.
American forces acted in a deliberate, professional, and proportional manner to ensure compliance. Since the blockade’s commencement, U.S. forces have directed 25 commercial vessels to turn around or return to an Iranian port.
On the other hand, Iran said it would not participate in a second round of peace talks in Islamabad despite US President Donald Trump’s threat of launching airstrikes again.
