Oil Jumps After US Seizes Iranian Ship Just Before Ceasefire Expires
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Uncertainty is once again plaguing financial markets after a tumultuous weekend which saw the US Navy firing upon and boarding an Iranian-flagged cargo ship in the Gulf of Oman, deepening concern over the potential outcome of any future talks between the two nations.
Oil and natural gas prices surged. Brent jumped as much as 7.9%, while European gas climbed as much as 11%. Tehran closed the chokepoint again on Saturday, after it said a US blockade of Iran-linked ships violated a ceasefire agreement.