Crude oil prices rose by 7% after tensions escalated between the U.S. and Iran over the Strait of Hormuz. The U.N. Navy fired on an Iranian container ship in the Gulf of Oman, and the Marines later took it down. This comes after Iran attacked a tanker in the same area, and a container ship was hit by an unknown projectile. President Donald Trump threatened to blow up every power plant and bridge in Iran if its leaders do not accept a deal with the U., and it is unclear whether the two countries will meet for a second round of peace negotiations. The recent surge in oil prices came after Iran suddenly declared the strait completely open to commercial traffic following a ceasefire agreement in Lebanon.