Ship Attack in Hormuz and US Stock Drawdown Drive Global Oil Prices Above 100 USD

HOUSTON - Global oil prices jumped more than 3 USD per barrel at the close of trading on Wednesday (22 April 2026) local time, or Thursday (23 April 2026) morning WIB, driven by an unexpected drop in US fuel stocks and reports of an attack on ships in the Strait of Hormuz. Quoting Reuters, Brent crude closed up 3.43 USD or 3.48 percent at 101.91 USD per barrel. Meanwhile, West Texas Intermediate (WTI) crude strengthened by 3.29 USD or 3.67 percent to 92.96 USD per barrel. Both global oil benchmarks had also risen around 3 percent in the previous day’s trading. The US Energy Information Administration (EIA) reported that for the week ending 17 April 2026, crude oil inventories rose by 1.9 million barrels to 465.7 million barrels. However, gasoline stocks fell by 4.6 million barrels to 228.4 million barrels, exceeding expectations of a 1.5 million barrel decline. Meanwhile, distillate stocks dropped by 3.4 million barrels to 108.1 million barrels, compared to anticipated declines of 2.5 million barrels. On the geopolitical front, tensions rose after at least three container ships were reported to have been fired upon in the Strait of Hormuz on Wednesday. Iranian media reported that the navy of the Islamic Revolutionary Guard Corps seized two ships on suspicion of maritime violations and moved them to Iranian territory. The Strait of Hormuz itself is a vital route that previously carried around 20 percent of the world’s oil and liquefied natural gas supplies, so disruptions in the area trigger concerns in the global energy market. US President Donald Trump previously stated he would extend the ceasefire with Iran indefinitely, hours before the agreement between the two countries expired. However, this move was seen as unilateral, as there is no certainty of approval from Iran or US ally Israel. Iran’s parliamentary speaker and chief negotiator, Mohammad Baqer Qalibaf, emphasised that a ceasefire only makes sense if not accompanied by violations. “A full ceasefire only makes sense if not violated by the US blockade of Iranian ports,” Qalibaf said. He also added that reopening the Strait of Hormuz is not possible if such violations continue, which he described as blatant breaches of the ceasefire. In another region, conflict also heated up after Israeli strikes in southern Lebanon reportedly killed at least four people. The Hezbollah group claimed to have launched attack drones at Israeli forces, escalating tensions amid a fragile ceasefire.