Oil prices rise after Trump says Iranian ship seized

Global oil prices have jumped after US President Donald Trump said its navy had intercepted and seized an Iran-flagged cargo ship. The Brent crude benchmark oil price rose by more than 4% to $94.20 (£69.60) a barrel, reversing a fall on Friday when Iran said the Strait of Hormuz would be "completely open" to commercial vessels for the remainder of...

Global oil prices have jumped after US President Donald Trump said its navy had intercepted and seized an Iran-flagged cargo ship.

The Brent crude benchmark oil price rose by more than 4% to $94.20 (£69.60) a barrel, reversing a fall on Friday when Iran said the Strait of Hormuz would be "completely open" to commercial vessels for the remainder of the ceasefire.

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.