Oil prices climbed from about $100 per barrel on Wednesday to above $105 on Thursday, following the collapse of talks between Iran and the United States on a ceasefire agreement that was expected to reopen the Strait of Hormuz.

Earlier, prices had dropped sharply from around $115 to $88 on Friday after both countries reached a temporary ceasefire deal.

However, the decline was short-lived as reports emerged that Iran had reclosed the strategic route in response to a U.S. blockade.

On April 13, the United States imposed a blockade described as effectively halting all maritime trade into and out of Iran, including shipments of goods that could potentially support its ongoing conflict with the US and Israel.

On Thursday, President Donald Trump ordered the U.S. military to “shoot and kill” any small Iranian boats suspected of laying mines in the Strait of Hormuz.

The directive followed reports that Iran had again shown its ability to disrupt maritime traffic in the strategic waterway just a day earlier, heightening tensions in the region.

According to the Associated Press, Trump’s social media post came shortly after the U.S. military seized another tanker linked to the smuggling of Iranian oil, further escalating tensions with Tehran over the strategic waterway.

The Strait of Hormuz—through which about 20 per cent of global crude oil and natural gas passes—has become a key flashpoint in the growing standoff between both countries.

“I have ordered the United States Navy to shoot and kill any boat, small boats though they may be … that is putting mines in the waters of the Strait of Hormuz,” Trump posted, adding that US minesweepers “are clearing the Strait right now.”

He added, “I am hereby ordering that activity to continue, but at a tripled-up level!”

According to the Associated Press, it remains unclear when—or even if—the two sides will meet again in Islamabad, Pakistan, where mediators are attempting to bring both parties together for diplomatic talks aimed at reaching an agreement.