Oil prices are rising in early trading as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz. The price of U.S. crude oil increased 6.4% to $87.88 per barrel after trading resumed on Sunday night. The price of Brent crude, the international standard, climbed 6.5% to $96.25. The market reaction followed more than two days of rising hopes and dashed expectations involving the strait. Iran said Friday that it would fully reopen the passage commercial traffic. Crude prices plunged more than 9% on the news. Tehran reversed its decision after President Donald Trump said a U.S. blockade of Iranian ports would continue.

Iran has doubled down on its pledge to restrict ships passing through the Strait of Hormuz as long as the U.S. blockade of Iranian ports remains in place. Iranian parliamentary Speaker Mohammed Bagher Qalibaf said Tehran would continue to threaten commercial vessels transiting the critical waterway. Iran’s navy has warned ships against transiting the strait, a chokepoint through which roughly one-fifth of the world's oil normally passes. The fragile ceasefire in place between the U.S. and Iran is due to run out by Wednesday. Pakistani mediators are working to arrange another round of direct negotiations.

Iran has reversed its decision to reopen the Strait of Hormuz and has warned that it would continue to block transit through the strait as long as the U.S. blockade of Iranian ports remained in effect. The escalating standoff over the critical chokepoint threatens to deepen the energy crisis roiling the global economy. It could also push the two countries toward renewed conflict, even as mediators have expressed confidence a new deal was within reach. The strait is closed until the U.S. blockade is lifted, Iran’s Revolutionary Guard navy said Saturday night.

NEW YORK (AP) — After U.S. President Donald Trump and Iran’s foreign minister said the Strait of Hormuz was fully open to commercial vessels a…

PARIS (AP) — The leaders of France and the U.K. will gather dozens of countries — but not the United States — on Friday to push forward plans …

The standoff between the United States and Iran is deepening as the U.S. has declared it has blockaded the Strait of Hormuz, Iran has threatened to strike targets across the region, and Pakistan says it is racing to bring the sides together for more talks. Last week’s ceasefire appeared to hold on Tuesday, though the standoff set up an extraordinary showdown that risked reigniting hostilities. Talks aimed at permanently ending the conflict failed to produce an agreement last weekend, though Pakistani officials told The Associated Press they had proposed a second round in the coming days.