Oil Swings, Hormuz Incident Tests US-Iran Peace Hopes
Oil prices fluctuated as prospects for a resolution to the US-Iran conflict remained uncertain, while Iranian fast boats reportedly fired on two vessels near the Strait of Hormuz. Brent briefly broke through $100 per barrel in London after weakening earlier when Iran said there were "some signs" the US was willing to end the blockade to pave the way for negotiations.
Currently, Wednesday (April 22), European Brent is trading around $100 per barrel after rising nearly 9% in the previous two sessions, while WTI is hovering around $93.
Meanwhile, signals from both sides continue to diverge, and traffic through Hormuz remains nearly at a standstill. This passage typically carries about a fifth of global crude oil flows, so restrictions on fast flows are reflected in risk premiums and volatility.
Earlier, President Donald Trump extended the ceasefire indefinitely but maintained the naval blockade after planned talks failed. He stated that the US was holding off on new attacks but would continue to block Iranian-linked shipping until discussions are concluded.
On the ground, the Royal Navy reported that two ships were fired upon near Hormuz, continuing a series of incidents since the weekend. The US said it had stopped and boarded sanctioned oil tankers and turned back a total of 28 vessels, while at least two fully loaded Iranian tankers reportedly left this week carrying around 9 million barrels—indicating that flows remain obstructed, even if some barrels are still moving. (gn)*
Source: Newsmaker.id
