Tuesday, April 21 2026

Oil prices rise 6pc on fears of US-Iran ceasefire collapse
Oil prices jumped around 6 percent in Monday trading on uncertainty over peace talks between the US and Iran after violence flared around the Strait of Hormuz. Brent crude futures settled USD5.10, or 5.64 percent, higher to USD95.48 a barrel. US West Texas Intermediate advanced USD5.76, or 6.87 percent, at USD89.61. Both contracts had tumbled by 9% on Friday for their largest daily declines since April 18 after Iran said that passage for all commercial vessels through the Strait of Hormuz was open for the remainder of the ceasefire. Over the weekend, the US seized an Iranian cargo ship that tried to break through its blockade while Iran said it would retaliate, heightening fears of a resumption in hostilities.
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Oil falls on expectations US-Iran talks likely to proceed, opening supply
Oil ​prices fell on Tuesday, reversing gains in the previous session, on expectations peace talks between ‌the U.S. and Iran will take place this week and allow more supply to flow from the key Middle East producing region. Brent futures declined 95 cents, or 1%, at $94.53, as of 0003 GMT. U.S. West Texas Intermediate (WTI) crude futures for May fell $1.54, or 1.72%, to $88.07. The May contract expires on Tuesday ​and the more-active June contract was down $1.09, or 1.3%, at $86.37. Both benchmarks surged on Monday, with Brent ​up 5.6% and WTI up 6.9%, after Iran again shut the Strait of Hormuz, closing ⁠the key oil transport artery, and the U.S. seized an Iranian cargo ship as part of its blockade of ​the country’s ports. Still, investors are focusing on the likelihood talks this week will result in the extension of the ​existing ceasefire or a final agreement, though the chance of further conflict and disruptions to oil flows remains.
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Monday, April 20 2026

Oil claws back losses as Strait of Hormuz is closed again
Oil prices rebounded more than 6% on Monday ‌after tumbling more than 9% on Friday on news the Strait of Hormuz is closed again after both the U.S. and Iran said the other party had violated their ceasefire deal by attacking ​ships over the weekend. Brent crude futures jumped $6.11, or 6.76%, to $96.49 a barrel by ​2327 GMT and U.S. West Texas Intermediate was at $90.38 a barrel, ⁠up $6.53, or 7.79%. The U.S. military had seized an Iranian cargo ship that tried to run ​its blockade, US President Donald Trump said on Sunday, while Iran said it would ​not participate in a second round of peace talks despite Trump’s threat of renewed airstrikes. The United States has maintained a blockade of Iranian ports, while Iran has lifted and then reimposed ​its own blockade of the Strait, which handled roughly one-fifth of the world’s ​oil supply before the war began almost two months ago.
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Strait of Hormuz closure: Pakistan faces LNG crunch as three cargoes stuck in Persian Gulf
At least three Liquefied Natural Gas (LNG) cargoes destined for Pakistan are currently stranded in the Persian Gulf, according to Bloomberg’s vessel-tracking data. The South Asian country has gone more than a month without receiving any LNG shipments due to the closure of the Strait of Hormuz, raising the risk of increased power outages as temperatures begin to rise, said the report. Last week, Minister for Power Sardar Awais Ahmad Khan Leghari said that power load-shedding during peak hours will continue until the supply of LNG is restored, which is currently unavailable due to a force majeure declared by Qatar. Pakistan ramps up furnace oil use, delays nuclear maintenance amid LNG shortages The country is facing a shortfall ⁠of around 3,400 megawatts due to reduced hydropower output, as rainfall and lower irrigation demand have ​limited water releases from reservoirs, Awais Leghari told a press conference.
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Friday, April 17 2026

Oil falls on prospects for talks to end Iran war and revive supply
Oil prices fell in early trade on Friday on optimism the Middle East conflict could be nearing ​an end after a 10-day ceasefire between Lebanon and Israel ‌took effect and President Donald Trump said the US and Iran may meet for talks on the weekend. Brent crude futures declined by $1.34, or 1.35%, to $98.05 ​a barrel at 0021 GMT. US West Texas Intermediate crude futures ​fell $1.65, or 1.74%, to $93.40 a barrel, trimming gains from ⁠the previous session. Addressing a key sticking point in talks to ​end the Iran war, which has closed the Strait of Hormuz ​for seven weeks and choked off roughly one-fifth of the world’s oil supply, Trump said Tehran had offered not to possess nuclear weapons for more than ​20 years. “We’re going to see what happens. But I think ​we’re very close to making a deal with Iran,” Trump told reporters outside ‌the ⁠White House on Thursday.
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