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The Independent UK
The Independent UK
Business
David Hughes

Oil price back up as fragile US-Iran peace process in disarray

Iran United States Oil Donald Trump Strait of Hormuz US Central Command
APTOPIX Iran War - (Copyright 2026 The Associated Press. All rights reserved)

Oil prices surged on Monday after the US seizure of an Iranian cargo ship plunged the fragile peace process into disarray.

Hopes for a breakthrough and the full reopening of the crucial Strait of Hormuz, a vital oil and gas shipping route, have now receded following the US action against the Touska.

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