Oil Set for Sharp Weekly Drop

2026-04-09 23:36 By Jam Kaimo Samonte 1 min. read

WTI crude futures climbed above $98 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
Oil Set for Sharp Weekly Drop
WTI crude futures climbed above $98 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
Crude Oil Rebound Toward $98
WTI crude futures climbed nearly 5% to trade around $99 per barrel on Thursday, partially recovering from a 16.4% plunge in the previous session as renewed tensions in the Middle East raised doubts about whether a fragile ceasefire would hold. Prices moved higher after reports of increased military activity near the Strait of Hormuz heightened fears over potential disruptions to crude shipments, with sources indicating that some tanker traffic has faced delays. The previous selloff was driven by optimism surrounding a possible truce, which temporarily eased supply concerns before sentiment quickly shifted. Ongoing uncertainty surrounding the ceasefire has kept markets volatile, as traders assess the stability of oil flows through the region. Meanwhile, OPEC+ maintained its cautious production strategy, while a recent draw in US crude inventories supported expectations of steady demand. Prices are now approaching levels last seen in 2022.
2026-04-09
Oil Surges Past $100 on Ceasefire Doubts
WTI crude futures extended gains on Thursday, rising more than 8% to trade above $100, partially reversing a nearly 16% 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