Oil prices have risen by around 6% following a significant increase in tensions between the U.S. and Iran. The jump reverses a large portion of the previous day's sharp decline when President Trump and Iran's foreign minister claimed the Strait of Hormuz was opening to tanker traffic. The longer oil transit continues, the longer crude prices will remain high. The global benchmark Brent crude is now at $95.42. Meanwhile, an Iranian-flagged cargo ship has been seized by American forces after attempting to bypass a US naval blockade in the Gulf of Oman. This is the first seizure and the first ship fired upon since the blockade went into effect. The U.N. Energy Secretary Chris Wright suggested that average gasoline prices may not return to pre-Iran war levels under $3 per-gallon until next year.