By: Economy Middle east

Oil prices rebounded by more than 5 percent on Monday, after falling more than 9 percent on Friday, following news that the Strait of Hormuz has been closed again after both the United States and Iran accused each other of violating their ceasefire deal by attacking ships over the weekend.

Brent crude futures jumped $5.13, or 5.68 percent, to $95.51 a barrel as of 8:31 a.m. UAE time, while U.S. West Texas Intermediate rose $5.15, or 6.24 percent, to $87.74 a barrel.

U.S. President Donald Trump said on Sunday that the U.S. military had seized an Iranian cargo ship that tried to break its blockade, while Iran said it would not take part in a second round of peace talks despite Trump’s threat of renewed airstrikes.

The United States has kept a blockade on Iranian ports, while Iran first lifted and then reimposed its own blockade of the Strait of Hormuz, which handled roughly one-fifth of the world’s oil supply before the war began nearly two months ago.

Both contracts had posted their biggest daily declines since April 18 on Friday, after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period and Trump said Iran had agreed never to close the strait again.

More than 20 ships passed through the strait on Saturday, carrying oil, liquefied petroleum gas, metals and fertilizers, according to Kpler data, the highest number of vessels crossing the waterway since March 1.