Iran threatened retaliation after the seizure in the Gulf of Oman, and it wasn't clear whether Tehran would attend talks in Pakistan, with a ceasefire set to expire Wednesday.

Oil prices climbed more than 5% while Asian shares also advanced Monday as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz. The Persian Gulf waterway was closed again after Iran reversed a decision to reopen the strait and President Donald Trump said a U.

Global oil prices rose in Monday morning trade in Asia after President Donald Trump said the US has intercepted and seized an Iran-flagged cargo ship. It came after Iran said on Saturday that it was closing the Strait of Hormuz waterway again to commercial vessels and that any ship that approaches it would be targeted.

Oil prices jumped after the U.S. seized an Iranian cargo ship and traffic through the Strait of Hormuz remained largely halted.

Iran has reversed course on reopening the Strait of Hormuz and fired on a tanker attempting to pass the waterway

The standoff over the Strait of Hormuz escalated again Saturday as Iran reversed its reopening of the crucial waterway and fired on ships attempting to pass, in retaliation after the United States pressed ahead with its blockade of Iranian ports.

President Trump announcing the U.S. Navy struck and seized an Iranian tanker attempting to cross the U.S.’ blockade. It comes as the U.S.’ ceasefire with Iran is in jeopardy. The White House says negotiators,

The developments indicated that peace may not come soon to the region, and a weeks-long blockade of marine traffic that has driven global oil prices higher likewise might remain in place.