Oil prices surge after Trump announces Iranian tanker seized and Strait of Hormuz closed
Lifestyle
Global oil prices rose overnight after President Donald Trump said the US has intercepted and seized an Iran-flagged cargo ship. Brent crude futures were up by 4.74% at $94.66 (£70.11) a barrel as of 5:30am, which was a drop from the 7% high seen earlier in the night. "Oil markets continue to gyrate in response to oscillating social media posts by the US and Iran, rather than the realities on the ground which remain challenging for oil flows to resume in a rapid fashion", analyst Saul Kavonic
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