Tensions rise as Iran seizes merchant vessels in Strait of Hormuz, pushes oil prices pass US$100

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Iranian forces seizes merchant vessels in the Straight of Hormuz following US' ceasefire extension, a move that furthers the disrupts of global oil supply.

Footage of the Iran's Navy seizing vessels in the Strait of Hormuz surfaced Thursday, showing masked men carrying weapons in a small boat approaching a large and boarding a ship.

This follows US President Donald Trump's ceasefire extension on Wednesday and Iran's subsequent attack on three and seizure of two ships in the Straight.

Iranian media reports Islamic Revolutionary Guard Corps was bringing the two ships to Iran, marking a further escalation, though the White House said the seizures didn't violate ceasefire terms.

The continued standoff between the two nations, despite diplomatic efforts from the Pakistani government to broker negotiations, has choked off supply of nearly all export through the strategically vital strait, sending oil prices to US$101.91 a barrel on the London ICE Futures Exchange as of today.