Brent Jumps on US Hormuz Blockade

2026-04-12 22:09 By Anna Fedec 1 min. read

Brent crude futures jumped 8% to around $103 per barrel on Monday, recouping losses from last week after President Donald Trump announced a US blockade of the Strait of Hormuz, following the collapse of weekend negotiations with Iran.

The restrictions will apply only to vessels entering or leaving Iranian ports starting at 10 a.m.

Eastern Time.

Talks held in Pakistan failed to produce an agreement, with the US accusing Tehran of refusing to curb its nuclear ambitions, while Iran reportedly sought control of the strait, war reparations, a broader regional ceasefire (including Lebanon), and access to frozen overseas assets.

The key shipping route has effectively remained closed since the conflict began, driving sharp gains in oil and gas prices and raising concerns about inflationary pressures and weaker global growth.

Meanwhile, Saudi Arabia said it has restored full pumping capacity through its East-West pipeline to the Red Sea, along with output from the Manifa field.



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Brent Jumps on US Hormuz Blockade
Brent crude futures jumped 8% to around $103 per barrel on Monday, recouping losses from last week after President Donald Trump announced a US blockade of the Strait of Hormuz, following the collapse of weekend negotiations with Iran. The restrictions will apply only to vessels entering or leaving Iranian ports starting at 10 a.m. Eastern Time. Talks held in Pakistan failed to produce an agreement, with the US accusing Tehran of refusing to curb its nuclear ambitions, while Iran reportedly sought control of the strait, war reparations, a broader regional ceasefire (including Lebanon), and access to frozen overseas assets. The key shipping route has effectively remained closed since the conflict began, driving sharp gains in oil and gas prices and raising concerns about inflationary pressures and weaker global growth. Meanwhile, Saudi Arabia said it has restored full pumping capacity through its East-West pipeline to the Red Sea, along with output from the Manifa field.
2026-04-12
Brent Crude Near $96
Brent crude futures swung between gains and losses on Friday to trade near $96 per barrel, and the benchmark remained on track for a large weekly decline. The moves come amid cautious optimism that the war in the Middle East could be nearing an end. US and Iranian delegations are set to meet in Pakistan on Saturday, while Israel has agreed to hold talks with Lebanon’s government, raising hopes for de-escalation. US President Trump said he was “optimistic” about a potential deal, even as he warned Tehran over proposed transit fees in the Strait of Hormuz. Despite this, the Strait of Hormuz remains largely closed, with reports indicating that Iran is considering charging ships for passage. Adding to supply concerns, Saudi Arabia said attacks on its oil facilities have reduced production capacity by around 600,000 barrels per day and cut throughput on the East-West Pipeline by approximately 700,000 bpd. On the week, the US oil benchmark is down about 12%.
2026-04-10
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