The Globe and Mail reports in its Monday, April 20, edition that Iran closed the Strait of Hormuz again over the weekend. The Globe's Emma Graney writes that hundreds of ships have been stuck in the Gulf since the start of the Iran war on Feb. 28. Iran on the weekend rejected new peace talks with the United States hours after President Donald Trump had said he was sending envoys to Pakistan for talks and would strike Iran unless it accepted his terms. The conflict has curtailed 12.4 million barrels a day of oil production. With the strait remaining blocked and the U.S. and Iran still far from an agreement to end the war, markets could face new volatility when they reopen on Monday. Rystad Energy's Artem Abramov said Friday the strait is crucial for global oil markets, and any indication of its temporary reopening can significantly impact prices. He said, "The market is not waiting for a formal deal -- it is pricing in the possibility of one." The extreme market volatility caused by the war has led to the largest oil and gas disruption in history. "Resuming flows through the Strait of Hormuz remains the single most important variable in easing the pressure on energy supplies, prices and the global economy," says the International Energy Agency.