Oil prices experienced a significant jump of around 6% on Monday, with Brent crude futures closing at $95.48 per barrel and US West Texas Intermediate rising to $89.61. This surge is attributed to escalating tensions between the US and Iran, particularly following the US seizure of an Iranian cargo ship, which has raised fears of renewed conflict in the region. The Strait of Hormuz, a crucial passage for global oil shipments, has seen a drastic reduction in shipping traffic, with only three crossings reported in the past 12 hours. Bob Yawger, director of energy futures at Mizuho, noted that the goodwill from previous negotiations has dissipated, complicating prospects for a second round of peace talks in Pakistan. As the ceasefire deadline approaches, analysts express skepticism about a return to pre-war oil prices, citing ongoing supply disruptions and geopolitical uncertainties.