Oil prices surged back above $100/bbl on April 13 as geopolitical tensions escalated in the Middle East.
Brent crude climbed to ~$102/bbl while WTI moved above $103/bbl following reports that the U.S. is preparing to block shipping tied to Iranian ports through the Strait of Hormuz. The move comes after failed negotiations between Washington and Tehran, raising concerns about supply disruptions in one of the world’s most critical oil transit chokepoints.
Tanker activity in the region is already showing signs of disruption, with some vessels reversing course or anchoring outside the Gulf, while others continue to navigate cautiously. Meanwhile, physical crude prices are trading at significant premiums, reflecting tightening near-term supply.
With tensions rising and uncertainty around the ceasefire, markets are bracing for continued volatility — and potentially higher prices in the months ahead.
Author: phinds
