Oil rises above $106 per barrel as US, Iran deadlocked in Strait of Hormuz | US-Israel war on Iran
Oil Prices Surge Amid Tensions in the Strait of Hormuz
By [Author Name]
Published April 24, 2026
Oil prices surged in response to escalating tensions between the United States and Iran in the Strait of Hormuz, where recent confrontations have involved the capture of commercial vessels.
Brent crude, the international benchmark, reached $106.80 per barrel early Friday, marking an increase of nearly 5% from its closing price on Wednesday. This increase is noteworthy as it exceeded the $100 per barrel mark for the first time in two weeks.
U.S. stock markets reacted negatively overnight, with the benchmark S&P 500 index decreasing by 0.41%, while the tech-heavy Nasdaq Composite fell by 0.89%.
Shipping traffic in the Strait of Hormuz, a critical route for approximately one-fifth of the world’s oil and natural gas supply, has come to a halt. Iran is asserting control over transit permissions, while the U.S. continues to obstruct Iranian maritime trade.
In a Thursday post on Truth Social, President Donald Trump stated he had ordered the U.S. Navy to destroy any Iranian vessels laying mines in the strait. His comments followed a Pentagon announcement regarding the seizure of a tanker carrying sanctioned Iranian oil for the second time in less than a week.
Trump further indicated that no vessel could transit the strait without U.S. Navy approval, stating, “It is ‘Sealed up Tight,’ until such time as Iran is able to make a DEAL!!!”
This escalation follows an announcement from Iran’s Islamic Revolutionary Guard Corps (IRGC) claiming the capture of two foreign cargo ships in the waterway. The IRGC stated it seized the Panamanian-flagged MSC Francesca and the Greek-owned Epaminondas for allegedly jeopardizing maritime security by operating without required permits.
However, the Greek Ministry of Maritime Affairs has denied that the Epaminondas was captured, asserting that the vessel remains under its captain’s control.
According to maritime intelligence platform Windward, only nine commercial vessels transited the strait on Wednesday, down from 15 on Monday. Prior to increased hostilities between the U.S. and Israel against Iran that began on February 28, the waterway averaged 129 daily transits, as reported by the United Nations Conference on Trade and Development.
