Oil is surging as traders brace for the UK’s response to Iran’s seizure of a British-flagged oil tanker
- Oil prices surged on Monday as traders braced for potential supply disruptions following Iran’s seizure of a British-flagged oil tanker last week.
- West Texas Intermediate and Brent crude prices rose more than 2% after Iran seized the Steno Impero and signaled it wouldn’t let go of the vessel until the UK released an Iranian-flagged ship it seized earlier this month.
- Prime Minister Theresa May is chairing a meeting of the UK government’s Cobra emergency committee, and Foreign Secretary Jeremy Hunt could announce a freeze on Iranian assets later today.
- Watch oil trade live.
Oil prices surged on Monday as traders braced for potential