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4h ago

U.S. Seizes Iranian Ship as Tehran Reimposes Hormuz Controls and Rejects Talks

Energy prices climbed as dueling blockades kept the Strait of Hormuz shut.

Customers fuel their vehicles at a Costco gas station in late March in Roseville, Michigan.
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Overview

  • - U.S. forces fired on and seized an Iranian‑flagged cargo ship near the Strait of Hormuz on Sunday after it tried to breach the American blockade of Iranian ports, with Marines taking custody of the vessel.
  • - Iran reversed a brief reopening and reasserted control of the waterway, with Revolutionary Guard gunboats firing on merchant ships Saturday and vessel‑tracking firms reporting no tanker transits on Sunday.
  • - Tehran said it will not attend a planned second round of negotiations in Islamabad, citing the blockade and what it called excessive U.S. demands, even as Washington prepared a delegation for talks.
  • - Oil prices jumped roughly 6% to 7% in early Sunday trading, with Brent near $96 and WTI around $90, while wholesale fuel costs rose as investors reacted to renewed risks to seaborne supply.
  • - The strait normally carries about one‑fifth of the world’s seaborne oil, and analysts caution that even a restart would bring slow relief at U.S. gas pumps because clearing backlogs, refilling storage, and long voyages take weeks to months.