Oil prices rebounded on Monday on news the Strait of Hormuz is closed again after both the U.S. and Iran said the other party had violated their ceasefire deal.<\/p>\n
Andr\u00e9 Gilden | Moment | Getty Images<\/p>\n
Oil\u00a0prices rebounded more than 6% on Monday after tumbling more than 9% on Friday on news the Strait of Hormuz\u00a0is closed again\u00a0after both the U.S. and Iran said the other party had violated their ceasefire deal by attacking ships\u00a0over the weekend.<\/p>\n
Brent crude futures<\/a>\u00a0jumped $6.11, or 6.76%, to $96.49 a barrel by 2327 GMT and U.S. West Texas Intermediate<\/a>\u00a0CLc1\u00a0was at $90.38 a barrel, up $6.53, or 7.79%.<\/p>\n The\u00a0U.S. military had seized\u00a0an Iranian cargo ship that tried to run its blockade, U.S. President Donald Trump said on Sunday, while Iran said it would not participate in a second round of peace talks despite Trump’s threat of renewed airstrikes.<\/p>\n The United States has maintained a blockade of Iranian ports, while Iran has lifted and then reimposed its own blockade of the Strait, which handled roughly one-fifth of the world’s\u00a0oil\u00a0supply before the war began almost two months ago.<\/p>\n “Oil\u00a0markets continue to gyrate in response to oscillating social media posts by the U.S. and Iran, rather than the realities on the ground which remain challenging for\u00a0oil\u00a0flows to resume in a rapid fashion,” Saul Kavonic, MST Marquee’s head of research, said.<\/p>\n Both contracts posted on Friday their largest daily declines since April 18 after Iran said passage for all commercial vessels through\u00a0the Strait of Hormuz was open\u00a0for the remaining ceasefire period and Trump said Iran had agreed to never close the strait again.<\/p>\n “The announcement of the Strait opening proved premature,” Kavonic said.<\/p>\n “Ship owners will be twice shy about heading towards the Strait again without receiving much more confidence that any announced passage is real.”<\/p>\n More than 20 ships\u00a0passed the strait on Saturday carrying\u00a0oil, liquefied petroleum gas, metals and fertilizers, Kpler data showed, the highest number of vessels crossing the waterway since March 1.<\/p>\n