Oil prices jump after US seizes Iranian ship near Strait of Hormuz

Oil prices surged after the United States seized an Iranian vessel near the Strait of Hormuz. The incident has renewed tensions in the crucial shipping lane, which handles about a fifth of the world's seaborne oil.

President Trump confirmed the seizure. The move comes amid a backdrop of mixed signals regarding potential peace talks between the US and Iran, keeping the strategic waterway in a state of uncertainty.