Global oil prices have jumped by more than 5% after President Donald Trump said the US had intercepted and seized an Iran-flagged cargo ship.

It came after Iran said on Saturday that it was closing the Strait of Hormuz waterway again to commercial vessels and that any ship that approaches it would be targeted.

The global benchmark oil price rose by 5.4% at $95.27 (£70.62) a barrel, while the US benchmark was 5.9% higher at $88.79.

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Energy markets have seen wild swings since the US and Israel attacked Iran on 28 February and Tehran responded with threats to target shipping in the strait, through which about 20% of the world's oil and liquefied natural gas (LNG) passes.

On Friday, oil prices had sunk 9% after Iran said the Strait of Hormuz would be "completely open" to commercial ships for the remainder of the ceasefire that had been agreed.

Trump has said his representatives will be in Pakistan on Monday for negotiations. A White House official said Vice-President JD Vance would lead the US delegation.

But Iran's state media said Tehran had "no plans for now to participate" in the talks, although Iranian officials have not clarified the country's position yet.

"Oil markets continue to gyrate in response to oscillating social media posts by the US and Iran, rather than the realities on the ground which remain challenging for oil flows to resume in a rapid fashion", analyst Saul Kavonic from financial services firm MST Marquee told the BBC.

Global oil prices have jumped by more than 5% after President Donald Trump said the US had intercepted and seized an Iran-flagged cargo ship.

It came after Iran said on Saturday that it was closing the Strait of Hormuz waterway again to commercial vessels and that any ship that approaches it would be targeted.

The global benchmark oil price rose by 5.4% at $95.27 (£70.62) a barrel, while the US benchmark was 5.9% higher at $88.79.

On Friday, oil prices had sunk 9% after Iran said the Strait of Hormuz would be "completely open" to commercial ships for the remainder of the ceasefire that had been agreed.

Trump has said his representatives will be in Pakistan on Monday for negotiations. A White House official said Vice-President JD Vance would lead the US delegation.

But Iran's state media said Tehran had "no plans for now to participate" in the talks, although Iranian officials have not clarified the country's position yet.

Futures contracts are an agreement to buy or sell assets at a set price on a specified date in the future. The Brent futures contract currently being quoted is for crude oil to be delivered in June.

The conflict has triggered a global energy crisis with prices rising sharply, while some countries are facing fuel shortages.

Asia has been hit particularly hard as the region relies on shipments that usually pass through the Strait of Hormuz for around 90% of its energy needs.

Governments have ordered employees to work from home, cut the working week, declared national holidays and closed universities early in order to conserve their supplies.

Some South East Asian countries, including Singapore and Thailand, have called on people to curb their use of air conditioning to save energy.

Even China - which is thought to have reserves equivalent to three months of imports - is making adjustments, limiting a fuel price hike as citizens are faced with a 20% jump in price.

Airlines across the region have announced measures to deal with soaring jet fuel prices.

Last week, the head of the International Energy Agency warned that Europe has "maybe six weeks of jet fuel left".