Oil breaks $103 barrier on Iran–US standoff

April 23, 2026 (MLN): Oil prices crossed the $103 per barrel mark, as tensions between Iran and the United States continued to weigh on global markets.

Currently, Brent crude futures are up by $5.33, or 5.66%, to $103.31 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures are up by $1.28 or 1.38%, to $94.24 per barrel by [9:49 am] PST.

Although U.S. President Donald Trump agreed to extend a ceasefire after mediation efforts by Pakistan, both countries have continued to restrict maritime traffic through the Strait of Hormuz.

Prior to the conflict, which escalated in late February following U.S. and Israeli strikes on Iran, the passage accounted for roughly 20% of global oil and liquefied natural gas shipments.

Meanwhile, U.S. crude and petroleum exports rose by 137,000 barrels per day to a record 12.88 million bpd, as buyers in Asia and Europe sought alternative supplies amid the disruption, according to CNBC.

Tensions intensified further after Iran seized two vessels in the Strait on Wednesday, tightening its control over the vital waterway.

At the same time, the United States has maintained a naval blockade targeting Iranian trade. Iranian parliament speaker Mohammad Baqer Qalibaf stated that a comprehensive ceasefire would only be possible if the blockade is lifted.

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