Brent Set for Sharp Weekly Drop

2026-04-09 23:38 By Jam Kaimo Samonte 1 min. read

Brent crude futures climbed above $96 per barrel on Friday as Israeli strikes on Lebanon and the ongoing closure of the Strait of Hormuz strained diplomatic efforts, but prices were still on track to drop more than 10% for the week after the US and Iran agreed to a two-week ceasefire.

Israeli Prime Minister Benjamin Netanyahu maintained that operations in Lebanon fall outside the scope of the US-Iran truce, although Washington has scheduled talks next week with Israel and Lebanon to address broader ceasefire negotiations.

Meanwhile, US President Donald Trump warned Iran over imposing transit fees in Hormuz, criticizing its handling of oil flows.

The crucial waterway remains largely closed as shipowners wait for clearer guidance on access.

Elsewhere, Saudi Arabia said its oil production capacity has been reduced by roughly 600k barrels per day following attacks on energy facilities, while a major pipeline designed to bypass the Strait of Hormuz was also struck.



News Stream
Brent Set for Sharp Weekly Drop
Brent crude futures climbed above $96 per barrel on Friday as Israeli strikes on Lebanon and the ongoing closure of the Strait of Hormuz strained diplomatic efforts, but prices were still on track to drop more than 10% for the week after the US and Iran agreed to a two-week ceasefire. Israeli Prime Minister Benjamin Netanyahu maintained that operations in Lebanon fall outside the scope of the US-Iran truce, although Washington has scheduled talks next week with Israel and Lebanon to address broader ceasefire negotiations. Meanwhile, US President Donald Trump warned Iran over imposing transit fees in Hormuz, criticizing its handling of oil flows. The crucial waterway remains largely closed as shipowners wait for clearer guidance on access. Elsewhere, Saudi Arabia said its oil production capacity has been reduced by roughly 600k barrels per day following attacks on energy facilities, while a major pipeline designed to bypass the Strait of Hormuz was also struck.
2026-04-09
Brent Crude Rises Above $99
Brent crude futures extended gains on Thursday, rising more than 4% to trade above $99, partially reversing a nearly 13% plunge in the previous session, its steepest single-day drop since 2020. Investor concerns over the fragility of the ceasefire intensified, as both the US and Iran accused each other of violating the agreement. Ongoing Israeli operations against Hezbollah in Lebanon also threatened to undermine the deal, with Iranian officials insisting that Lebanon is covered under the ceasefire terms. Meanwhile, the Strait of Hormuz remained effectively closed, with Tehran reportedly requiring military approval for vessel passage. In the first 24 hours of the ceasefire, only one oil products tanker transited the strait, according to Reuters. The near shutdown of Hormuz, which handles around 20% of global oil and gas flows, has triggered one of the most severe disruptions in energy markets in recent years.
2026-04-09
Brent Climbs on Ceasefire Uncertainty
Brent crude futures jumped more than 3% to above $98 per barrel on Thursday, recovering part of the prior session’s losses as renewed Israeli strikes on Lebanon raised doubts about the durability of a fragile Middle East ceasefire, while the Strait of Hormuz remains largely obstructed. Iranian media reported that oil tanker traffic through the strait had been suspended following the attacks, amid disputes between Tehran and the American-Israeli side over whether the truce extends to Lebanon. A senior Iranian official also stated that three provisions of the ceasefire agreement have already been breached. Meanwhile, US Vice President JD Vance said there are indications the strait may begin reopening as he leads a US delegation to Islamabad for direct talks with Iran this weekend. The near shutdown of Hormuz, which handles about 20% of global crude and gas flows, has triggered the most severe disruption in oil markets.
2026-04-08