Oil prices shot higher and stocks wobbled on Monday after a weekend of renewed conflict around the Strait of Hormuz dampened hope that the waterway might soon reopen.
On Sunday, a U.S. Navy destroyer attacked and seized an Iranian-flagged cargo ship that President Trump said had tried to evade the U.S. blockade on ships traveling to and from Iranian ports. And on Saturday, a day after Iran’s foreign minister declared the strait open, the country reversed course, reasserting “strict control” over it and attacking two Indian-flagged vessels.
This is set to be a pivotal week in the war, now in its eighth week, with the cease-fire between the United States and Iran set to expire within days. Mr. Trump said the United States was sending a delegation to Pakistan for further negotiations with Iran, though it was not clear that Iran was on board.
