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Oil and Gas Jump After US Seizure of Iranian Ship Imperils Talks

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USS Spruance intercepted an Iranian-flagged cargo vessel, in this still from a video released by US Central Command on April 19.Source: US Central Command

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By Victoria Batchelor

April 20, 2026 at 5:36 AM UTC

Good morning. Oil prices soar as US-Iran tensions flare. Keir Starmer faces Parliament amid growing calls for him to resign. And a nearly $300 million crypto hack ripples across platforms. Listen to the day’s top stories.

Oil surged after the US Navy seized an Iranian ship and Tehran reimposed controls in the Strait of Hormuz, while European gas prices jumped and US equity futures fell. Read our spotlight on a chaotic weekend of gunfire, reversals and rising tensions in the key waterway.

Keir Starmer will address the House of Commons today over the row surrounding Peter Mandelson’s security vetting clearance as calls for the British prime minister to resign grow. Olly Robbins, who Starmer sacked as head of the Foreign Office, is expected to give evidence to a committee on Tuesday. Check out our Markets Today live blog for all the latest news relevant to UK assets.