Oil prices surged on Monday as traders braced for potential supply disruptions following Iran’s seizure of a British-flagged oil tanker last week.
The Iranian Revolutionary Guard captured the Steno Impero in the Strait of Hormuz on Friday. Tehran has signaled it won’t let go of the vessel until the UK releases an Iranian-flagged ship it seized near Gibraltar earlier this month. Prime Minister Theresa May will chair a meeting of Cobra, the UK government’s emergency committee, to discuss potential responses. Foreign Secretary Jeremy Hunt could announce a freeze on Iranian assets later today, according to The Telegraph.