As early trading reaches its end the price of oil sees another spike as the United States and Iran have a standoff in the Strait of Hormuz. 

Oil tankers are prevented from crossing due to the danger and conflict resulting in the rise of U.S. crude oil by 6.4% in which the cost being $87.88 per barrel. 

The price of Brent crude oil prices, the international standard trading, climbed 6.5% to $96.25 per barrel from $89.99. 

Fears of renewed war attacks on commercial ships on Sunday escalating tensions. The U.S. Navy on April 18 fired upon an Iranian container ship in the Gulf of Oman. According to U.S. President Donald Trump, Marines later took custody of the ship as the ship had tried to pass a U.S. blockade of Iran’s ports. 

The firing and seizure of the ship came after Iran attacked a tanker in the Strait of Hormuz on April 18. The Revolutionary Guard fired upon the tanker and a container ship was hit by an unknown projectile, according to the United Kingdom Maritime Operations Centre. 

President Trump has posted online, threatening Iran’s infrastructure to blow up every power plant and bridge in Iran should the country’s leaders not accept the cease fire agreement presented by the U.S. government.   

It is uncertain if both parties will meet again for the second round of peace negotiations in Pakistan to bring the conflict to a peaceful resolution.