Oil prices rose Wednesday after Iran's Revolutionary Guard said it seized two container ships as they tried to cross the Strait of Hormuz.

Crude oil prices surged Sunday, as the U.S. and Iran teetered on the brink of a renewed war after attacks on commercial ships in the Strait of Hormuz.

Energy markets have seen wild swings since the US and Israel attacked Iran on 28 February.

Brent crude rises more than 7 percent as Washington and Tehran offer conflicting accounts on ceasefire negotiations.

Oil prices rose Wednesday after Iran's Revolutionary Guard said it seized two container ships as they tried to cross the Strait of Hormuz.

Traffic in Strait of Hormuz at standstill as US president says blockade of Iranian ports and shores will continue

Earlier, U.S. President Donald Trump said he would indefinitely extend the ceasefire with Iran, hours before it was due to expire.

Iran seized two container ships seeking to exit the Gulf via the strait on Wednesday, tightening its grip on the waterway

Brent oil has risen above $100 per barrel again as tanker traffic through the strait remains at a near standsill.

Jump in prices comes as Donald Trump says vessels will need permission of US Navy to transit key waterway.