Tension between the US and Iran shows little sign of abating as of late Sunday, with both sides having fired shots at commercial vessels, while a new round of peace talks is disputed.
As at 6pm ET Sunday, oil prices are rising once more as traders digest the latest source of friction in the conflict. Brent Crude is up more than 5% at near $96 while WTI is up 6% at close to $90 according to oilprice.com.
On Sunday, the US Navy fired at an Iranian container ship in the Gulf of Oman which President Trump says was trying to evade the US blockade. It was seized by US Marines.
CNBC reports that on Saturday, Iran’s Revolutionary Guard attacked a commercial ship in the Strait of Hormuz, citing information from the United Kingdom Maritime Trade Operations Centre which also lists other incidents of ships being challenged in the critical waterway.
There is also a dispute about a new round of peace talks in Pakistan in the next week. US vice-president JD Vance is due to arrive in the country Monday evening to meet with Iranian officials Tuesday.
But in posts on X, the official Iranian news agency IRNA says the reports of new talks are false and part of a US “propaganda campaign and a "blame game" aimed at pressuring Iran.”
It says that “US excessive demands, unreasonable and unrealistic expectations, frequent shifts in positions, continuous contradictions, and the so-called naval blockade which violates ceasefire understanding along with threatening rhetoric, have so far hindered progress in the negotiations.”
The agency further says that “Under these conditions, the outlook for constructive talks remains bleak.”
Meanwhile, there are fresh claims of traders betting on oil prices, following a report of several cases where traders appeared to anticipate the US president’s moves. Reuters reported Friday that a bet worth around $760 million was placed shortly before Iran announced the reopening of the Strait of Hormuz.
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