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A U.S. seizure of an Iranian cargo ship and reports of vessels coming under fire in the Gulf have pushed a fragile ceasefire with Tehran to the brink.
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A dramatic escalation in tension over the Strait of Hormuz drives oil prices and risk assets higher in early trade.
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The military said it had disabled the vessel after it ignored repeated warnings to stop, amid a U.S. blockade of Iranian ports. Marines boarded the ship and seized it.
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President Donald Trump announced "major combat operations" against Iran on Feb. 28, with massive joint U.S.-Israeli strikes.
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Lyse Doucet speaks to Ebrahim Azizi, who says Iran "will decide the right of passage" through the crucial shipping route.
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The two-week ceasefire between the US and Iran is set to expire Wednesday. And the two sides seem far from a resolution. President Trump says the US has taken custody of an Iranian vessel.
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Maritime and military law experts say an expansion of the naval blockade announced last week raises legal and practical questions but has ample historical precedent.
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The president accused Iran of violating the ceasefire as ships reported attacks in the Strait of Hormuz but said U.S. representatives would be back at the table this week.
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Asia-Pacific markets were mostly higher Monday as a U.S. seizure of an Iranian vessel deepened tensions, keeping investors on edge.
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The standoff over the Strait of Hormuz has escalated again as Iran reverses its reopening of the crucial waterway and fires on ships attempting to pass. Saturday's developments come after the United States said it would continue its blockade of Iranian ports.
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