Oil prices climbed sharply in early Asian trade on Monday, as the U.S. Navy intercepted an Iranian vessel it accused of attempting to break its blockade. The seizure reignited fears of a major escalation in the conflict and a prolonged disruption in the Strait of Hormuz. At the time of writing, West Texas Intermediate had jumped 6.21% to $89.06, while Brent was trading at $95.14, 5.27% higher on the day. The price spike came on the back of a dramatic selloff on Friday when both benchmarks dropped by more than 9% after Iran agreed to reopen the…

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