Oil and natural gas prices surged after the US Navy seized an Iranian tanker during a turbulent weekend that saw Tehran fire on ships and reimpose restrictions in the Strait of Hormuz. Brent crude jumped as much as 7.9%, erasing most of Friday's losses after the vital waterway was declared open, while European gas prices surged by as much as 11%. Tehran re-closed the strait on Saturday, arguing that the US blockade of ships linked to Iran violated a ceasefire agreement that expires on Tuesday.
