Global Oil Prices Rise Slightly as Market Monitors US-Iran Negotiations
NEW YORK - Global oil prices rose slightly at the close of trading on Wednesday (15 April 2026) local time, or Thursday (16 April 2026) morning WIB, following emerging hopes for the easing of conflict between the United States (US) and Iran.
Citing Reuters, Brent crude prices rose 14 cents, or 0.1 per cent, to $94.93 per barrel.
Meanwhile, West Texas Intermediate (WTI) crude strengthened by 1 cent to $91.29 per barrel.
The energy market is currently overshadowed by supply uncertainties, particularly due to limited shipping traffic in the Strait of Hormuz, a vital route that carries around 20 per cent of global oil and liquefied natural gas (LNG) shipments.
About 45 days after Iran’s Revolutionary Guard declared the strait closed, shipping traffic remains far below normal.
Before the conflict, more than 130 ships passed through daily, but now only a small fraction are operating.
Kpler senior analyst Johannes Rauball said supply disruptions in Middle Eastern oil continue to grow.
“The total loss of crude oil and condensate supply from the Middle East has reached 496 million barrels so far,” he stated.
On the other hand, the US military has also imposed a blockade on shipments from Iranian ports, effectively halting the country’s imports and exports.
“The latest tracking data shows the number of tanker ships crossing the Strait of Hormuz beginning to increase, though overall it is still far below normal levels,” wrote an analyst from Gelber & Associates.
“The result is a market that no longer prices in a total disruption, but still maintains a risk premium because the recovery in flows is gradual rather than an immediate return to normal,” the analyst continued.
From a policy perspective, US Treasury Secretary Scott Bessent stated that the government will not extend the previous sanctions relief that allowed purchases of Iranian and Russian oil.
Meanwhile, finance ministers from nearly a dozen countries led by the UK urged the US, Israel, and Iran to fully implement the ceasefire, and warned of the impact of the conflict on the global economy.
The International Monetary Fund (IMF) also estimated that at least a dozen countries will apply for new loan programmes to address the surge in energy prices and supply chain disruptions due to the Middle East conflict.
In the Asia region, Japan announced it will prepare a financing scheme of around $10 billion to help Asian countries secure energy supplies and strengthen reserves.
Another factor supporting oil prices is the decline in US crude oil stocks.
The US Energy Information Administration (EIA) reported that inventories fell by 0.9 million barrels in the week ending 10 April, contrary to analysts’ expectations of a 0.15 million barrel increase.
This situation indicates that although there are hopes for easing geopolitical conflict, the global oil market still faces pressure from supply sides that have not fully recovered.