Iran threatened retaliation after the seizure in the Gulf of Oman, and it wasn't clear whether Tehran would attend talks in Pakistan, with a ceasefire set to expire Wednesday.

Oil prices are rising in early trading as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz, the Persian Gulf waterway that is crucial to global energy supplies

Oil prices climbed more than 5% and Wall Street veered toward losses before the opening bell Monday as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz. Futures for the S&P 500 also fell 0.

Oil prices have climbed more than 5% while Asian shares also advanced as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz

Brent crude oil futures rose sharply when markets opened Sunday night amid signs the US-Iran peace talks had stalled.

An Iranian official vowed retaliation for the U.S. attack on an Iran-flagged vessel near the Strait of Hormuz. But Iran’s president said the war “benefits no one,” as an American delegation prepared for more peace talks.

Oil prices are rising in early trading as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz

Global oil prices jumped in Monday morning trade in Asia as tensions rose between the US and Iran over the Strait of Hormuz waterway. Brent crude futures were up by 6.4% at $96.13 (£71.27), while West Texas Intermediate was 7.