Oil prices rise over military tensions in Middle East

Oil prices rose on Friday, April 24, 2026, over fears of a renewed military escalation in the Middle East.

Brent crude futures rose 99 cents, or 0.94%, to $106.06 a barrel at 0410 GMT, while West Texas Intermediate futures were up 71 cents, or 0.73%, at $96.56.

Brent rose 17.13% throughout the course of the week while WTI rose 15.13%, the second-largest weekly gain since the war began.

The resulting closure of the Strait of Hormuz after the beginning of the United States-Israeli war on Iran cut around 20% of the world’s supply ⁠of oil and liquefied natural gas.

Both benchmark contracts settled up more than 3% on Thursday and jumped $5 a barrel after reports that air defences were engaging targets over Tehran and of a power struggle between Iran’s hardliners and moderates.

United States President Donald Trump said Iran may have loaded up its weaponry “a little bit” during the two-week ceasefire, but added that the U.S. military could eliminate it in just a single day.

Trump to US Navy: Kill any Iranian boat laying mines in Hormuz

The ceasefire phase is increasingly looking like a preparatory phase for war, Haitong Futures said in a report.

It added that if U.S.-Iran talks fail to make key progress by the end of April and fighting resumes, oil prices could climb to new highs for the year.

As investors and governments around the world look for an enduring peace, Trump said he would not set a “timetable” for ending the conflict with Iran and that he wanted to make “a great deal.”

“Don’t rush me,” he told Reuters when asked how long he was willing to wait for a long-term peace deal with Iran.

Prolonged disruptions in the Strait of Hormuz could push global crude and ⁠refined-product inventories below five-year seasonal lows by late May or early June, adding a supply-risk premium back into oil prices, said Mingyu Gao, chief researcher for energy and chemicals at China Futures.