According to President Trump, WTI crude oil futures surged 8% to break $90 per barrel on Monday, driven by escalating Middle East tensions. The U.S. Navy seized an Iranian-flagged cargo vessel in the Gulf of Oman after it ignored orders to exit the Strait of Hormuz, prompting Iranian retaliation against other vessels and reassertion of control over the strait. Iran claimed the U.S. blockade violated ceasefire agreements, while the Trump administration announced negotiations would continue in Pakistan.
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