BackECONOMY
Oil prices rise after Trump says Iranian ship seized
Global oil prices jumped after President Trump said the US navy had intercepted and seized an Iran-flagged cargo ship. Brent crude rose more than 6% to around $96 a barrel, reversing Friday’s slump tied to Iran’s claim that the Strait of Hormuz would be fully open. The developments unfold amid ongoing US-Iran tensions and upcoming negotiations in Pakistan led by a US delegation.
Why It Matters
The Strait of Hormuz is a critical global energy chokepoint, and the price swings reflect how geopolitical moves can impact oil markets and energy security worldwide.
Timeline
4 Events
Oil prices rise as Trump claims interception of Iranian ship
April 20, 2026
Brent crude rose more than 6% to around $96 a barrel, reversing a slide from Friday. The jump followed Trump’s claim that the US navy had intercepted and seized an Iran-flagged cargo ship, contributing to volatility in global energy markets amid ongoing US-Iran tensions.
Strait of Hormuz remains closed as IRGC response continues
April 19, 2026
The Strait of Hormuz remained closed on Sunday, with the IRGC saying it was ending a temporary reopening over the US blockade, which Iran claimed violated the terms of their ceasefire. Iran said it would stay closed until the US ended its naval blockade.
Iran says it will close the Strait of Hormuz again
April 18, 2026
Iran said it was closing the Strait of Hormuz again and that any ship that approached it would be targeted.
Trump says naval blockade will continue until a deal; talks planned in Pakistan
April 17, 2026
Trump said the naval blockade would continue until a deal was agreed between the US and Iran. He also indicated his representatives would be in Pakistan on Monday for negotiations, with a White House official saying Vice-President JD Vance would lead the US delegation.