Khaberni - Oil prices rose about 6% on Monday, amid uncertainty about peace talks between the United States and Iran following violent incidents around the Strait of Hormuz.
Brent crude futures jumped $5.10, or 5.64%, to $95.48 a barrel at settlement.
The price of West Texas Intermediate crude in the US reached $89.61 a barrel, up $5.76 or 6.87%.
The oils had dropped 9% at the Friday settlement, recording their biggest daily drop since April 18, after Iran announced that the Strait of Hormuz would remain open to all commercial ships for the remainder of the ceasefire.
US President Donald Trump said Iran had agreed not to close the strait again.
On Sunday, the United States said it had detained an Iranian cargo ship attempting to breach a blockade imposed by Washington on Iranian ports, while Tehran vowed to respond amid growing fears of renewed hostilities.
Bob Yawger, director of the Energy Futures division at Mizuho, said, "The optimism that prevailed on Friday has completely dissipated."
A senior Iranian official stated on Monday that Tehran is considering participating in the peace talks, but no decision has yet been made.
Responding to a question posed to him at the beginning of the week about the possibility of extending the ceasefire, Trump said, "I don’t know. Maybe not. Maybe I won’t extend it. But the siege will remain."
Shipping data showed that navigation through the Strait of Hormuz was almost halted on Monday, with only three crossings recorded during the past 12 hours.
According to Kepler data, more than 20 ships crossed the strait on Saturday, loaded with oil, LPG, metals, and fertilizers, marking the highest number of ships to pass through the waterway since March 1.
