-- Crude prices rose Wednesday as Iran said it seized two container ships in the Strait of Hormuz, indicating heightened tensions even as US President Donald Trump extended a ceasefire with Tehran.
West Texas Intermediate crude futures were up 3% at $92.40 per barrel, rebounding after sliding earlier in the day. Brent advanced 3.2% to $101.62.
Iran's Islamic Revolutionary Guard Corps on Wednesday reportedly announced the seizure of two tankers attempting to cross the Strait of Hormuz, a key oil chokepoint.
Trump extended a two-week ceasefire deal with Tehran late Tuesday, though he said the naval blockade of Iranian ports would continue.
The IRGC reportedly targeted a third vessel, a Greek-owned ship, which is "now disabled off Iran's coast," CNN reported, citing Iranian media.
"Oil prices continue to whipsaw as traders respond to a confusing and often contradictory flow of headlines, underscoring the deep mistrust between Tehran and Washington," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report on Wednesday.
The status of a second round of peace talks between the US and Iran remained unclear.