Oil prices have surged due to escalating tensions between the United States and Iran, with Brent crude rising 5% to reach $95.60 per barrel. This increase follows Iran's decision to close the Strait of Hormuz again after a brief reopening, citing US blockades on its ports. The situation worsened when the US seized an Iranian cargo ship, leading to heightened fears of conflict. Analysts, including Kyle Rodda from capital.com, noted a previous complacency regarding the ceasefire, which now appears precarious. Mohit Kumar from Jefferies remains cautiously optimistic about potential peace talks, despite the current hostilities. The chaotic weekend saw shipping restrictions fluctuate, with some vessels managing to pass through the strait before Iran reimposed its blockade. As the situation develops, the potential for a deeper global energy crisis looms, raising concerns about the implications for the economy.