Global Oil Prices Surge Again After Iran Reimposes Closure of Strait of Hormuz

Iran reimposed the closure of the Strait of Hormuz on Saturday, 18 April 2026, after Tehran assessed that the United States had violated the ceasefire by continuing to blockade Iranian ships and ports. This action has once again propelled global crude oil prices upwards, despite a previous drop of more than 9 percent on Friday, 17 April 2026. According to Reuters, Saul Kavonic, Head of Research at MST Marquee, reported that Brent crude oil prices rose by US$6.11, or 6.76 percent, to US$96.49 per barrel as of 23:27 GMT. A similar trend was observed in US West Texas Intermediate (WTI) crude, which increased by US$6.53, or 7.79 percent, to US$90.38 per barrel. “The oil market continues to fluctuate in response to the turmoil triggered by social media posts from the US and Iran, rather than the challenging on-the-ground reality that hinders the swift recovery of oil flows,” Kavonic stated, as quoted by Reuters on Monday, 20 April 2026. It is known that Iran’s move to reclose the Strait of Hormuz was taken because the US was deemed to have broken its promise by persisting with its naval blockade of ships sailing to and from Iranian ports. The US Navy reportedly seized an Iranian cargo ship attempting to breach the blockade, leading Tehran to affirm that it will not participate in the second round of peace talks, even as Donald Trump threatens renewed airstrikes. Meanwhile, Kavonic believes that the announcement of the strait's reopening was premature, and in the future, shipowners are expected to be more cautious about returning to the Strait of Hormuz. “Shipowners will be twice as cautious about heading back to the Strait of Hormuz without greater confidence that any shipping route announcement is genuinely in place,” he said. For information, more than 20 ships passed through the Strait of Hormuz on Saturday, 18 April 2026, carrying oil, liquefied gas, metals, and fertiliser. That number is known to be the highest since 1 March 2026.