Oil claws back losses as Strait of Hormuz is closed again

Oil prices rebounded more than 6% on Monday ‌after tumbling more than 9% on Friday on news the Strait of Hormuz is closed again after both the U.S. and Iran said the other party had violated their ceasefire deal by attacking ​ships over the weekend. Brent crude futures jumped $6.11, or 6.76%, to $96.49 a barrel by ​2327 GMT and U.S. West Texas Intermediate was at $90.38 a barrel, ⁠up $6.53, or 7.79%. The U.S. military had seized an Iranian cargo ship that tried to run ​its blockade, US President Donald Trump said on Sunday, while Iran said it would ​not participate in a second round of peace talks despite Trump’s threat of renewed airstrikes. The United States has maintained a blockade of Iranian ports, while Iran has lifted and then reimposed ​its own blockade of the Strait, which handled roughly one-fifth of the world’s ​oil supply before the war began almost two months ago.