Oil prices jump after Iran and U.S. attack commercial ships as tensions escalate over Strait of Hormuz

Key Points:

The U.S. Navy on Sunday fired on an Iranian container ship in the Gulf of Oman and the Marines later took custody of the vessel.

Iran’s Revolutionary Guard fired on a tanker in the Strait of Hormuz on Saturday. A container ship in the strait was also hit by an unknown projectile.

It is unclear whether the U.S. and Iran will meet for a second round of peace negotiations.