Oil Jumps on US Hormuz Blockade

2026-04-12 22:05 By Anna Fedec 1 min. read

WTI crude futures climbed as much as 9.3% to above $105 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.



News Stream
Oil Steadies as Markets Watch US-Iran Talks
Crude oil steadied around $96 per barrel on Wednesday after seeing sharp swings in the previous session, as investors grappled with uncertainty surrounding ongoing peace negotiations between the US and Iran. Qatar’s Foreign Ministry spokesperson stated that both countries are evaluating new proposals put forward by mediators to bridge their differences. However, Iran’s national security chief indicated in a social media post that Washington’s response remains unsatisfactory. The US also conducted defensive strikes against Iran earlier this week, targeting surface-to-air missile systems used against American assets. However, the limited scope of the strikes suggested no immediate return to large-scale military operations. The US oil benchmark remains down more than 7% so far this week, supported by optimism over a potential diplomatic breakthrough and signs of a recovery in Middle Eastern crude exports.
2026-11-03
Crude Rebounds as Middle East Tensions Persist
Crude oil rebounded slightly to near $97 a barrel on Tuesday after plunging more than 7% in the previous session. Reports indicated that the US and Iran remained far from reaching a deal to end their war, while mediator Qatar stepped up efforts to bridge differences and avert renewed escalation after the US midterm elections. Overnight, the US reportedly carried out defensive strikes on Iran, targeting surface-to-air missiles used against US assets. The strikes appeared limited and did not signal a return to major combat operations. Meanwhile, US President Trump renewed threats of possible military action. Qatari mediators traveled to Tehran on Monday night to discuss a version of a draft US-Iran deal that had been under consideration. The secretary of Iran’s National Security Council later said the US response to Iran's demands “was not convincing.” Still, Qatar’s Foreign Ministry spokesperson said both the US and Tehran were reviewing proposals put forward by mediators.
2026-11-03
Crude Oil Extends Losses to 3-Week Low
Crude oil fell below $96 a barrel on Tuesday, reaching a three-week low and extending the previous session’s 7.4% decline. Prices reversed earlier gains as President Donald Trump announced that Washington would end its financial support for Israel by year-end, following an agreement with Prime Minister Benjamin Netanyahu to discontinue the $4 billion aid programme. Trump said Israel no longer needed the assistance, although the US would remain willing to provide other forms of support. Also, US Energy Secretary Chris Wright said overnight attacks on Iran’s Qeshm Island had not affected oil flows, while indicating that additional refined products would be supplied from the Persian Gulf and India. Meanwhile, Iran signaled greater flexibility towards diplomacy, with President Masoud Pezeshkian saying Supreme Leader Mojtaba Khamenei had authorized discussions on issues previously considered non-negotiable.
2026-11-03