LIVE | Iranian ships opened fire on an oil tanker in the Strait of Hormuz last saturday

The price of a barrel of oil rebounded sharply on Monday after declines accumulated over the past week on optimism about an early end to the war of war and the reopening of the Strait of Hormuz.

However, things went awry over the weekend, and the current situation drove black gold to increases above 5%. Thus, after the opening of European stock markets, the barrel of West Texas Intermediate was up 6% to $88.89 per barrel, while Brent was selling at $95.20 per barrel after a 5.3% rally.

State-run IRIB television reported, citing Iranian sources, that "there are currently no plans to participate in the next round of Iran-U.S. talks." In addition, the state-run IRNA agency pointed to the blockade and Washington's "unreasonable and unrealistic demands," stating that "under these circumstances, there is no clear prospect for fruitful negotiations."

Iranian media indicated that the end of the naval blockade is an indispensable condition for dialogue.

The picture was complicated by Sunday's announcement of the seizure of an Iranian tanker in the Gulf of Oman by the U.S. Navy as it attempted to evade the U.S.-imposed blockade.

Iran vowed Monday to "respond soon" to the seizure of the vessel, which it called an "act of piracy" and a violation of the cease-fire.

Spain will ask the European Union on Tuesday to break its association agreement with Israel, arguing that its government "violates international law," announced the prime minister, Socialist Pedro Sanchez.

China expressed concern over the U.S. Navy's seizure of an Iranian cargo ship in the Gulf of Oman, calling on Iran and the United States to "maintain the dynamics of ceasefire and negotiations," while expressing readiness to support efforts in this regard.

"We express our concern over the forcible interception of the vessel in question by the U.S.," a Foreign Ministry spokesman, Guo Jiakun, said. "China supports the parties involved in maintaining the dynamics of both the ceasefire and the negotiations," he added.

Iran executed two men convicted of alleged links to Israeli espionage on Monday, the judiciary said, in the latest in a series of executions carried out since the outbreak of war with Israel and the United States.

"The death sentences of Mohamad Masoom-shahi and Hamed Validi were carried out early this morning," the judiciary's Mizan website said. Both were "members of an espionage network linked to Mossad," the Israeli intelligence agency, it added, without saying when they were arrested.

They were convicted of the capital crime of "moharebeh," which means waging war against God, as well as of "collaboration with hostile groups and the Zionist regime," Mizan said.

Iran has carried out numerous executions since the start of the Middle East war on Feb. 28, suspended by a fragile two-week truce that began April 8.

Iran is the second-most-executing country in the world behind China, according to human rights groups.