Oil and natural gas prices soar as the United States seizes Iranian ships, escalating the situation.

Oil and natural gas prices are skyrocketing, following the seizure of an Iranian ship by the US Navy; in this chaotic weekend, Iran fired on the ships and re-blocked the Strait of Hormuz. Brent crude oil prices surged up to 7.9%, erasing most of last Friday's declines; European natural gas prices rose by as much as 11%. Iran re-blocked this vital waterway on Saturday, claiming that the US interception of ships related to Iran violated a ceasefire agreement that was supposed to end on Tuesday. The deadlock in the Strait of Hormuz could worsen the global energy crisis and undermine President Trump's weekend prediction that the conflict would end quickly. As of the time of writing, June Brent crude futures rose 6.1% to $95.89 per barrel; May WTI crude futures rose 7.4% to $90.01 per barrel.