Crude oil prices have surpassed $100 per barrel amid stalled peace talks between the United States and Iran. Trade through the Strait of Hormuz remains restricted, with Iran seizing two ships and the US maintaining a naval blockade. Analysts warn of further price increases due to ongoing disruptions.
Oil prices climbed above $100 on April 23, 2026, as hopes for a US-Iran resolution faded. Brent crude futures and West Texas Intermediate futures rose sharply, with the market facing persistent uncertainty over the Persian Gulf conflict. The effective closure of the Strait of Hormuz has restricted roughly one-third of global seaborne fertiliser flows, heightening food security concerns, according to commodities strategists Warren Patterson and Ewa Manthey at ING. Supply disruptions in the region are exacerbating demand destruction trends in the oil market. Peace talks between the US and Iran have stalled, with little progress reported. Iran seized two ships in the Strait, while the US upholds its naval blockade, limiting trade flows. US President Donald Trump recently extended the Iran ceasefire indefinitely, which briefly eased risks for metals like copper and aluminium, though oil repricing continues upward. Market watchers note growing pressures, including discussions of Gulf and Asian financial centers seeking dollar swap lines. Bonds show mild concern over the war's trajectory, while risk assets remain resilient. Analysts predict Brent prices could approach $120 if disruptions persist.
