With only days remaining until a fragile ceasefire expires, U.S. and Iranian negotiations appeared to be no closer to a deal to end the war despite both countries offering optimistic outlooks. President Donald Trump on Saturday set a hopeful tone,

Global oil prices rose in Monday morning trade in Asia after President Donald Trump said the US has intercepted and seized an Iran-flagged cargo ship. It came after Iran said on Saturday that it was closing the Strait of Hormuz waterway again to commercial vessels and that any ship that approaches it would be targeted.

President Trump said Sunday that he would target civilian infrastructure in Iran, including bridges and power plants, if the country did not accept the U.S. peace deal.

President Trump announcing the U.S. Navy struck and seized an Iranian tanker attempting to cross the U.S.’ blockade. It comes as the U.S.’ ceasefire with Iran is in jeopardy. The White House says negotiators,

Iran threatened retaliation after the seizure in the Gulf of Oman, and it wasn't clear whether Tehran would attend talks in Pakistan, with a ceasefire set to expire Wednesday.

Iran has reversed course on reopening the Strait of Hormuz and fired on a tanker attempting to pass the waterway

Brent and US crude prices spiked late Sunday following a weekend of renewed tensions between the US and Iran over the Strait of Hormuz.

Oil prices are climbing Monday following the latest rise of tensions between the United States and Iran, but the moves are more modest than they were earlier in their war. U.S. stocks, meanwhile, are giving back only a bit of their record-breaking rally.