As the Strait of Hormuz closes once more, oil recovers its losses.

After falling more than 9% on Friday due to reports that the Strait of Hormuz is once again closed, oil prices increased by more than 6% on Monday. The U.S. and Iran both claimed that the other country had broken their ceasefire agreement by assaulting ships over the weekend.

By 2327 GMT, Brent crude futures had risen $6.11, or 6.76%, to $96.49 per barrel, while U.S. West Texas Intermediate was up $6.53, or 7.79%, to $90.38 per barrel.

U.S. President Donald Trump announced on Sunday that the U.S. Navy had taken control of an Iranian cargo ship that attempted to evade its blockade, while Iran declared it will not take part in a second round of peace negotiations despite Trump’s threat of further bombings.

Iran lifted and then reinstated its own blockade of the Strait, which handled almost one-fifth of the world’s oil supply before to the start of the conflict nearly two months ago, while the United States continued to enforce a blockade of Iranian ports.According to Saul Kavonic, head of research at MST Marquee, “oil markets continue to oscillate in response to oscillating social media posts by the U.S. and Iran, rather than the realities on the ground which remain challenging for oil flows to resume in a rapid fashion.”

Following Iran’s announcement that all commercial vessels could sail through the channel of Hormuz for the duration of the ceasefire and Trump’s statement that Iran had promised never to close the channel again, both futures saw their biggest daily losses since April 18 on Friday.Kavonic stated, “The announcement of the opening of the Strait proved premature.”Without much greater assurance that any declared passage is genuine, ship owners will be twice as hesitant to approach the Strait once more.

According to Kpler statistics, more than 20 ships carrying metals, fertilisers, oil and liquefied petroleum gas crossed the strait on Saturday, the most since March 1.