Brent Crude Up for 4th Day

2026-04-23 13:35 By Agna Gabriel 1 min. read

Brent crude futures climbed to around $103 per barrel on Thursday, extending gains for a 4th consecutive session as tensions between the US and Iran persisted, with both sides locked in a standoff over Hormuz.

US President Trump ordered the US Navy to target any vessels laying mines in the Strait and pledged to intensify efforts to secure the waterway.

Earlier, he extended the ceasefire indefinitely while awaiting a new proposal, even as the blockade remained in place.

Iran however, signaled no immediate willingness to negotiate under ongoing US naval restrictions on its ports.

The blockade has led the US to intercept Iranian tankers, while Tehran has reinforced its control over the Strait.

The conflict has disrupted flows from Gulf producers, tightening global supply.

Despite the standoff, demand for US exports has strengthened, supported by declining domestic fuel inventories, as global markets increasingly rely on American supply to offset disruptions in the Middle East.



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Brent Crude Up for 4th Day
Brent crude futures climbed to around $103 per barrel on Thursday, extending gains for a 4th consecutive session as tensions between the US and Iran persisted, with both sides locked in a standoff over Hormuz. US President Trump ordered the US Navy to target any vessels laying mines in the Strait and pledged to intensify efforts to secure the waterway. Earlier, he extended the ceasefire indefinitely while awaiting a new proposal, even as the blockade remained in place. Iran however, signaled no immediate willingness to negotiate under ongoing US naval restrictions on its ports. The blockade has led the US to intercept Iranian tankers, while Tehran has reinforced its control over the Strait. The conflict has disrupted flows from Gulf producers, tightening global supply. Despite the standoff, demand for US exports has strengthened, supported by declining domestic fuel inventories, as global markets increasingly rely on American supply to offset disruptions in the Middle East.
2026-04-23
Brent Gains for Fourth Straight Session
Brent crude futures climbed above $103 per barrel on Thursday, rising for the fourth straight session as diplomatic efforts between the US and Iran showed little progress and reports indicated that the US intercepted at least three Iranian oil tankers in Asian waters. Tehran also continues to assert control over the Strait of Hormuz, 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. Meanwhile, President Donald Trump stated that the current ceasefire 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