Iran has pledged to retaliate following President Trump's announcement that the US has taken control of an Iranian cargo ship. This move comes as Tehran has rejected a second round of peace talks, further straining relations between the two nations.
Escalating tensions in the Strait of Hormuz have led to a significant spike in oil prices, which jumped 7% after both Iran and the US engaged in attacks on ships. The situation remains volatile as both sides prepare for potential further confrontations.