Global oil prices have jumped by more than 5% after #US President Donald Trump said the US had intercepted and seized an Iran-flagged cargo ship.
The Brent crude oil price rose by 5.4% to $95.27 a barrel, while the US benchmark was 5.9% higher at $88.79.
According to the BBC, the increases reversed some of the big falls seen on Friday when Iran had said the Strait of Hormuz would be "completely open" to commercial vessels for the remainder of the ceasefire.
But on Saturday, Iran said it was closing the strait again and that any ship that approached it would be targeted. The waterway is of key importance as usually about 20% of the world's oil and liquefied natural gas passes through it.
Energy markets have seen wild swings since the US and Israel attacked Iran on 28 February and Tehran responded with threats to target shipping in the strait.
Trump has said his representatives will be in Pakistan on Monday for negotiations. A White House official said Vice-President JD Vance would lead the US delegation.
But Iran's state media said Tehran had "no plans for now to participate" in the talks, although Iranian officials have not clarified the country's position yet.
