US stocks fell and oil prices surged after President Trump announced the US Navy had seized an Iranian cargo vessel and Iran sent mixed signals on resuming peace talks. The S&P 500 and Nasdaq had dropped 0.2% and 0.4%, respectively, while Brent crude oil prices rose by 3.9% to $93.89 and West Texas Intermediate by 4.5%. The Iranian ship is under US Treasury Sanctions due to its previous history of illegal activity. Despite this, Iran's President Masoud Pezeshkian has stated that continuing the conflict would not benefit anyone. A temporary ceasefire between the US and Iran is set to expire if no peace deals come through.