The US-Iran standoff has targeted tankers in the Strait of Hormuz, through which over $1 billion of crude oil is shipped daily. Oil prices have remained largely stable over the past month and are about $55 for a barrel, but they began rising as news spread of Iran’s seizure.

Commenting on broader tensions in the region, US President Donald Trump said on Friday that US ships are “the most deadly ships ever conceived, and we hope for [Iran’s] sake they don’t do anything foolish. If they do they’re going to pay a price like nobody’s ever paid a price.”