The price of crude oil could hit a dramatic $133.91 in the next few days, according to forecast by broker LiteFinance.

It comes as the fragile ceasefire between the US and Iran is on the verge of collapse following a direct naval confrontation in the Gulf of Oman.

President Donald Trump announced on Sunday that the US Navy successfully intercepted and seized the Iranian-flagged cargo ship Touska after it allegedly attempted to breach an American naval blockade.

While the US is dispatching a delegation led by Vice President JD Vance to Islamabad, Pakistan, for a second round of peace negotiations, Iranian state media has rejected the invitation.

Tehran has condemned the seizure of its vessel as an “armed robbery” and a violation of the existing truce, vowing to keep the Strait of Hormuz closed until the U.S. lifts its maritime siege.

The ceasefire is due to expire this Wednesday – and Tehram and Washington still seem miles away from a peace deal.

Eight children have been killed in a horrific mass shooting after a gunman opened fire in two houses in Louisiana, USA. Authorities say the young victims, ranging in age from one to 14, were killed in the “domestic disturbance” at around 6am on Sunday. A total of 10 people were shot, Shreveport Police Chief Wayne Smith said.

Officials said they were still gathering details about the crime scene, which extended across three locations in the Cedar Grove neighbourhood. After leaving the first scene, the shooter then carried out a carjacking as patrol officers chased him before shooting him dead, Mr Smith said.

The crime scene spans two houses on one street, another on a separate street, as well as a fourth location.

Authorities said they are not looking for anyone else in connection to the incident, and confirmed the gunman is related to some of the children who were killed.

Mr Smith said: “My heart is taken aback, I just cannot begin to imagine how such an event can occur. This effects the entire community. We all mourn with these families,” Shreveport mayor Tom Arceneaux told reporters.

“It’s a Sunday morning, I ask all of you to pray at your services this morning not just for this family, but for all the victims, for the victims at the hospital, and the community at large.

“This is a tragic situation. Maybe the worst tragic situation we’ve ever had in Shreveport. It’s a terrible morning in Shreveport.”

He said the extent of the crime scene is unlike anything he’s seen before.

Louisiana State Police are now investigating, and they said no officers were harmed in the shooting or police pursuit. The force urged any witnesses or anyone with information to contact detectives.