Oil Prices Surge More Than 7 Percent as Strait of Hormuz Closes Again

SINGAPORE, KOMPAS.com - Global oil prices surged more than 7 percent on Monday (20/4/2026) in early Asian trading, after the Strait of Hormuz was closed again amid escalating conflict between the United States (US) and Iran.

Citing Reuters, Brent crude prices rose 6.56 US dollars or 7.26 percent to 96.94 US dollars per barrel. Meanwhile, West Texas Intermediate (WTI) crude strengthened by 6.07 US dollars or 7.24 percent to 89.92 US dollars per barrel.

The price increase occurred after the US and Iran accused each other of violating the ceasefire agreement by attacking ships, which then triggered the re-closure of the Strait of Hormuz.

In addition, market sentiment was also influenced by rising geopolitical uncertainty, including Iran’s rejection of new peace talks with the US.

This happened just hours after US President Donald Trump stated he would send an envoy for negotiations and threatened new attacks if Iran did not meet demands.

Tensions also rose after the US reportedly seized an Iranian cargo ship attempting to break the blockade, further complicating the situation in the region.

Pepperstone analyst Michael Brown said the situation was indeed causing concern, but the market saw both sides still open to communication.

“The news of the Strait of Hormuz closure is not good, nor are the ship attacks and Trump’s threats against Iran. But if looked at more simply, both sides are still communicating,” he said.

However, the situation changed rapidly after the strait was closed again, even just around 12 hours after it was opened.