Oil rebounds over 6% amid renewed U.S.-Iran conflict

April 20, 2026 (MLN): Oil markets staged a sharp recovery on Monday, climbing more than 6% after suffering a steep drop of over 10% on Friday, as renewed geopolitical tensions rattled supply expectations.

Currently, Brent crude futures is up by $4.88 , or 5.40%, to $95.26 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $5.03 or 6.09%, to $87.62 per barrel by [10:10 am] PST

The rebound followed reports that the Strait of Hormuz had been shut down once again. Both the United States and Iran accused each other of breaching a fragile ceasefire, citing attacks on vessels over the weekend, CNBC reported.

According to President  Donald Trump, U.S. forces intercepted and seized an Iranian cargo ship attempting to bypass an American naval blockade. Meanwhile, Iranian officials announced they would withdraw from planned peace negotiations, dismissing Washington’s warnings of potential renewed airstrikes.

The U.S. has continued enforcing restrictions on Iranian ports, while Tehran has alternated between lifting and reinstating its own blockade of the strait, a critical artery that previously accounted for about 20% of global oil shipments before hostilities erupted nearly two months ago.

The sudden deterioration in relations comes just days after both sides had signaled progress toward a possible agreement, underscoring the volatility of the situation and its immediate impact on global energy markets.

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