April 19, 2026
Oil prices climbed Sunday as Iran once again blocks the passage of most ships through the Strait of Hormuz, a key waterway for one-fifth of the world’s crude, and a tenuous US-Iran ceasefire approaches its expiration on Wednesday.
Brent crude, the international benchmark, was up about 7% to $96.88, after settling on Friday at its lowest level since March 10 on news Iran would re-open the strait. US crude was up 7% to $90.33.
But on Saturday, Iran said it was closing the waterway to most traffic again, blaming the United States for “breaches of trust.” The US Navy has since fired on and seized an Iranian-flagged cargo ship that tried to bypass its blockade in the Gulf of Oman, marking another escalation in tensions over the region’s waterways.
No tankers passed through the Strait of Hormuz on Sunday, according to tracking data.
US gas prices, which reached a national average of $4.05 a gallon on Sunday, may not return to under $3 a gallon until “next year,” Energy Secretary Chris Wright told CNN on Sunday, while not ruling out the possibility that the benchmark is reached “later this year."