Oil jumps to $106 despite diplomatic progress

April 24, 2026 (MLN): Oil prices climbed on Friday as tensions in the Middle East continued to disrupt global energy markets, with escalating naval confrontations and the prolonged closure of the Strait of Hormuz fueling concerns over supply.

Currently, Brent crude futures are up by $3.11, or 3.02%, to $106.05 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures are up by $0.58.28 or 0.61%, to $96.43 per barrel by [9:31 am] PST.

The increase came despite a diplomatic breakthrough between Israel and Lebanon, which agreed to extend their ceasefire following high-level talks at the White House.

U.S. President Donald Trump described the discussions as successful, noting that the extension originally a 10-day truce would allow more time for negotiations.

Washington also reaffirmed its commitment to strengthening Lebanon’s defenses against Hezbollah.

Before the conflict, roughly 20 million barrels of oil and petroleum products passed through the strait each day, making its closure a major disruption to global supply chains.

Fatih Birol, head of the International Energy Agency, warned that the situation represents an unprecedented threat to global energy security.

He reiterated concerns that the ongoing conflict and blockade could trigger the most severe energy crisis on record, urging governments worldwide to accelerate efforts to diversify energy sources and strengthen resilience, CNBC reported.

However, the broader regional conflict remains volatile. While a fragile ceasefire between the United States and Iran is still in place, both sides have shifted tactics, engaging in maritime standoffs and seizing vessels.

These actions have effectively shut down the Strait of Hormuz, a critical artery for global oil transport.

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