Operations through the Strait of Hormuz were still suspended on Monday as tensions between Washington and Tehran continued to intensify.
Iran had reinstated movement restrictions on Saturday, citing an ongoing US blockade of the strategic waterway.
On Sunday, US President Donald Trump stated that American naval forces had intercepted an Iranian cargo vessel accused of attempting to bypass the blockade.
In response, Tehran condemned the action and described it as “an act of piracy,” warning of possible retaliation.
As a temporary ceasefire approaches its expiration on Wednesday, uncertainty remains over the future of peace negotiations. Although Trump indicated that talks were expected to resume in Islamabad on Monday, Iranian state media reported that there are “currently no plans to participate in the next round.”
With shipping through the strait still halted, global oil markets reacted sharply at the start of the week, pushing prices up by more than 5%.
US benchmark crude increased by 5.6% to $87.20 per barrel, while Brent crude rose 5.3% to $95.16 per barrel.
Despite geopolitical uncertainty, global stock markets opened higher for the week.
In Japan, the Nikkei 225 rose 1% to 59,045.45, while South Korea’s Kospi gained 1.1% to 6,260.92.
Hong Kong’s Hang Seng Index climbed 0.8% to 26,373.71, and China’s Shanghai Composite Index advanced 0.6% to 4,075.08.
Australia’s S&P/ASX 200 remained largely flat at 8,943.90, while Taiwan’s Taiex index surged 1.4%.
In currency markets, both the euro and US dollar strengthened early Monday. The dollar edged up to 158.90 yen from 158.79 yen, while the euro rose slightly to $1.1757 from $1.1742.