Oil prices surge as Iran recloses Strait of Hormuz amid US blockade and diplomatic tensions

This action occurred just a day after the strait was reopened. Despite this, Asian equities saw gains due to ongoing hopes for a resolution to the seven-week crisis, even though Tehran stated it currently has no plans to attend peace talks. US President Donald Trump indicated that a deal was "very close," but Iran quickly countered, asserting that its enriched uranium stockpile would not be transferred.

The US blockade of Iranian ports has been a major point of contention in negotiations. Iranian sources indicated that there are no current plans to participate in the next round of Iran-US talks, with the lifting of the US blockade cited as a precondition for negotiations. West Texas Intermediate and Brent crude contracts both saw significant jumps.

The Revolutionary Guards warned that any vessel attempting to pass through the strait without permission would be considered cooperative with the enemy and targeted. Foreign ministry spokesman Esmaeil Baqaei called the blockade a "violation" of the ceasefire. Meanwhile, Asian markets including Tokyo, Hong Kong, and Shanghai rose, while European markets like London, Paris, and Frankfurt dropped.

The dollar, a safe haven, advanced against its main peers.