Talks between the United States and Iran remain deadlocked, with a ceasefire in place but no diplomatic progress. Iranian foreign minister Abbas Araghchi has blamed US and Israeli 'aggression' for instability in the Gulf and the Strait of Hormuz.
The US maintains a naval blockade in the area, and Iran says it will not reopen the Strait of Hormuz as long as the blockade remains in place.
Brent crude prices jumped almost 13% due to the supply risk, and US President Donald Trump has said the truce will continue indefinitely as Washington awaits a new proposal from Tehran.
Senior Iranian officials say peace talks have stalled because of the US naval blockade on their ports, and Iran's Revolutionary Guard claimed it captured two foreign ships in the Strait of Hormuz and shot at a third for breaking maritime rules.
