WorldPosted at: Apr 20 2026 8:52PM

Washington, Apr 20 (UNI) Oil prices soared past 6 per cent once again as tensions between the US and Iran flared over the weekend, wiping out the little relief which entered energy markets a few days ago.
Brent crude prices surged past USD 95.42 a barrel late Sunday, while US benchmark WTI rose to USD 89.77, both holding near those levels on Sunday. The surge follows fresh disruption in the Strait of Hormuz, where hopes of any reopening quickly faded as Iran retaliated by reclosing the strait in response to the US' blockade of Iranian ports.
Just days ago, markets had reacted positively after US President Donald Trump and Iran's Foreign Minister Abbas Araghchi indicated that tanker traffic could resume along the vital corridor once again. However, the optimism proved little more than wishful thinking as Iran signalled over the weekend that the strait was once again closed, while the US escalated enforcement of its naval blockade.

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