Brent crude oil prices surge as Iran recloses the Strait of Hormuz

Apr 19, 2026, 10:05:38 PM UTC(5 hours ago)

Impact: Very High

Affected Assets

Global oil markets reacted sharply after Iran announced a renewed closure of the Strait of Hormuz on April 18 2026 following a brief reopening during a failed ceasefire window
Brent crude futures jumped over 7 percent to reach 96.94 dollars per barrel as shipping sources confirmed Iranian navy messages forbidding passage to commercial vessels
Analysts from The Kobeissi Letter warned that the probability of oil prices returning to 100 dollars per barrel has risen to 44 percent due to the persistent supply risk
The closure has trapped an estimated 230 loaded oil tankers inside the Persian Gulf halting approximately 20 percent of the world seaborne oil trade
Market volatility remains high as the United States maintains its own naval blockade on Iranian ships while negotiations in Islamabad ended without a resolution

*BRENT OIL JUMPS 7.3% TO $96.94/B AFTER IRAN AGAIN CLOSES HORMUZ