The price of crude oil could hit a dramatic $133.91 in the next few days, according to forecast by broker LiteFinance.
It comes as the fragile ceasefire between the US and Iran is on the verge of collapse following a direct naval confrontation in the Gulf of Oman.
President Donald Trump announced on Sunday that the US Navy successfully intercepted and seized the Iranian-flagged cargo ship Touska after it allegedly attempted to breach an American naval blockade.
While the US is dispatching a delegation led by Vice President JD Vance to Islamabad, Pakistan, for a second round of peace negotiations, Iranian state media has rejected the invitation.
Tehran has condemned the seizure of its vessel as an "armed robbery" and a violation of the existing truce, vowing to keep the Strait of Hormuz closed until the U.S. lifts its maritime siege.
The ceasefire is due to expire this Wednesday - and Tehram and Washington still seem miles away from a peace deal.
The U.S. seizure of the ship came after Iran attacked a tanker in the Strait of Hormuz on Saturday. Revolutionary Guard gunboats fired on the tanker and a container ship was hit by an unknown projectile, according to the United Kingdom Maritime Operations Centre.
The price of oil jumped sharply, and stock futures tumbled Sunday evening.
US crude oil jumped more than 7%, to about $90 per barrel, and international Brent crude oil rose 5%, to around $95 per barrel.
S&P 500 futures dropped nearly 0.8%, Nasdaq 100 futures fell 0.7%, and Dow futures tumbled 500 points, or 0.7%. Russell 2000 futures slid 1.4%.
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