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Mon, 20 Apr 2026

Mon, 20 Apr 2026 Oil prices rise after Trump says Iranian ship seized

Energy markets have seen wild swings since the US and Israel attacked Iran on 28 February.

* Global oil prices rose by 4.74% and 5.6% respectively for Brent crude and West Texas Intermediate after President Trump announced that the US had intercepted an Iran-flagged cargo ship.
* The Strait of Hormuz remained closed on Sunday, with Iran stating it would stay shut until the US ends its naval blockade.
* Energy prices have seen volatile trading since the start of the Iran conflict, with Brent crude previously trading at under $70 per barrel and reaching almost $120 in March.
* The conflict has triggered a global energy crisis, with prices rising sharply and some countries facing fuel shortages.
* Governments have implemented measures to conserve energy, including working from home, reducing working hours, and limiting air conditioning use.
* Airlines across the region have announced measures to deal with soaring jet fuel prices, and last week the head of the International Energy Agency warned that Europe has "maybe six weeks of jet fuel left".
* Tehran vows retaliation for what it calls an "act of armed piracy", while the US argues that a waiver is meant to ease the energy supply crunch sparked by the conflict.