Oil jumps over 4% after US seizes Iranian ship

Oil jumps over 4% after US seizes Iranian ship Crude oil prices rose more than 4% after the United States seized an Iranian vessel and uncertainty persisted over a second round of peace talks with Iran. The US is maintaining a naval blockade on Iranian ships and ports, while Iran has reimposed control over the Strait of Hormuz, through which about 20% of global oil exports flowed before the war began on 28 February. Patrick De Haan of GasBuddy said prices are likely to rise again as higher crude costs filter through.