• Updated

A U.S. Air Force Boeing C-17 Globemaster III transport aircraft prepares to land at Nur Khan airbase, ahead of second round of negotiations between the U.S. and Iran, in Rawalpindi, Pakistan, Monday, April 20, 2026. (AP Photo/Ehsan Shahzad)

President Donald Trump says the U.S. seized an Iranian-flagged cargo ship that tried to circumvent its naval blockade near the Strait of Hormuz. The news threw into question Trump’s earlier announcement that U.S. negotiators would head to Pakistan on Monday for another round of talks with Iran. Iran has not confirmed it will attend. Iran's military slammed Sunday's seizure and vowed a swift response. The interception was the first since the blockade of Iranian ports began last week. Trump said a U.S. Navy guided missile destroyer in the Gulf of Oman “stopped them right in their tracks by blowing a hole in the engineroom” and that U.S. Marines were seeing what is on board the vessel.

  • Updated

An army soldier, left, walks as police officer drives motorcycle on an empty road ahead of second round of negotiations between the U.S. and Iran, in Islamabad, Pakistan, Monday, April 20, 2026. (AP Photo/Anjum Naveed)

Oil prices are rising in early trading as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz. The price of U.S. crude oil increased 6.4% to $87.88 per barrel after trading resumed on Sunday night. The price of Brent crude, the international standard, climbed 6.5% to $96.25. The market reaction followed more than two days of rising hopes and dashed expectations involving the strait. Iran said Friday that it would fully reopen the passage commercial traffic. Crude prices plunged more than 9% on the news. Tehran reversed its decision after President Donald Trump said a U.S. blockade of Iranian ports would continue.

Iran has doubled down on its pledge to restrict ships passing through the Strait of Hormuz as long as the U.S. blockade of Iranian ports remains in place. Iranian parliamentary Speaker Mohammed Bagher Qalibaf said Tehran would continue to threaten commercial vessels transiting the critical waterway. Iran’s navy has warned ships against transiting the strait, a chokepoint through which roughly one-fifth of the world's oil normally passes. The fragile ceasefire in place between the U.S. and Iran is due to run out by Wednesday. Pakistani mediators are working to arrange another round of direct negotiations.