Brent Gains for Fourth Straight Session

2026-04-22 23:32 By Jam Kaimo Samonte 1 min. read

Brent crude futures climbed above $102 per barrel on Thursday, rising for the fourth straight session as diplomatic efforts between the US and Iran showed little progress and the Strait of Hormuz remained effectively closed.

Tehran continues to assert control over the waterway, restricting nearly all international traffic and reportedly firing on commercial vessels this week.

At the same time, the US has sustained its blockade of Iranian ports to intensify pressure on the Islamic Republic, a move Tehran has denounced as a breach of the ceasefire.

Meanwhile, President Donald Trump stated that the current truce would remain in place indefinitely as Washington awaits a revised peace proposal from Iran, although Tehran has indicated it does not intend to engage in talks in the near term.

On the supply side, EIA data revealed declines in US inventories across key refined products, pointing to solid demand from both domestic consumption and export markets.



News Stream
Brent Gains for Fourth Straight Session
Brent crude futures climbed above $102 per barrel on Thursday, rising for the fourth straight session as diplomatic efforts between the US and Iran showed little progress and the Strait of Hormuz remained effectively closed. Tehran continues to assert control over the waterway, restricting nearly all international traffic and reportedly firing on commercial vessels this week. At the same time, the US has sustained its blockade of Iranian ports to intensify pressure on the Islamic Republic, a move Tehran has denounced as a breach of the ceasefire. Meanwhile, President Donald Trump stated that the current truce would remain in place indefinitely as Washington awaits a revised peace proposal from Iran, although Tehran has indicated it does not intend to engage in talks in the near term. On the supply side, EIA data revealed declines in US inventories across key refined products, pointing to solid demand from both domestic consumption and export markets.
2026-04-22
Brent Bounces Back to $100
Brent crude oil futures rebounded to around $101 per barrel on Wednesday after renewed attacks on shipping near Iran. Maritime authorities said a Liberia-flagged container vessel was fired on by a gunboat linked to Iran’s Islamic Revolutionary Guard Corps. In a separate incident, another two outbound cargo ships were also targeted. The attacks mark the latest escalation in the region as tensions over the waterway remain high. Earlier, Iran indicated it had received signals that the US may be open to ending its blockade, potentially reopening talks, while President Donald Trump extended a ceasefire but warned restrictions would remain until negotiations conclude. Iran has said it will not reopen the strait while US naval interceptions continue. The ongoing disruption is contributing to severe supply concerns, with estimates of demand destruction nearing 4 to 5 million barrels per day, or about 5 percent of global supply, with Asia most affected.
2026-04-22
Brent Slips as Trump Extends Ceasefire
Brent crude futures fell below $98 per barrel on Wednesday, giving back some of the previous session’s gains after President Donald Trump extended the US-Iran ceasefire, noting that Tehran’s leadership was “seriously fractured.” He added the truce would remain in place until Iran’s leaders present a “unified proposal” to end the conflict. Meanwhile, reports indicated Vice President JD Vance canceled a planned trip to Islamabad for negotiations after Tehran informed the US via Pakistan that it would not take part in the meeting. Iran also said it would not reopen the Strait of Hormuz while the US Navy continues intercepting vessels. The conflict continues to strain supply, with estimates of demand destruction already nearing 4 million barrels per day and potentially rising to 5 million barrels per day, around 5% of global supply, with Asia expected to bear the brunt of the impact.
2026-04-22