Oil futures rise as Strait of Hormuz remains closed and US-Iran talks stall
Updated
Updated · The Wall Street Journal · Apr 24
Oil futures rise as Strait of Hormuz remains closed and US-Iran talks stall
8 articles · Updated · The Wall Street Journal · Apr 24
WTI crude settles at $94.40 a barrel, up 14% for the week, while Brent climbs 17% to $105.33 amid ongoing supply disruptions.
US negotiators and Iran’s foreign minister are traveling to Islamabad for renewed talks after earlier postponements, but no date is set for resuming negotiations.
The closure of the Strait of Hormuz continues to sharply reduce Middle East oil shipments, fueling global supply concerns as diplomatic efforts show little immediate progress.
Beyond oil, is the Hormuz closure triggering a devastating global food crisis?
With oil prices surging, is the world's biggest energy crisis now inevitable?
What deal could Iran offer to end the high-stakes standoff with President Trump?
Can last-ditch talks in Pakistan prevent a full-scale war in the Persian Gulf?
How will major importers like China and India survive this crippling supply shock?
Can the US Navy's autonomous drones clear the Strait of Hormuz's sea mines?
April 2026 Crisis: Strait of Hormuz Closure Sparks Historic 13 mb/d Oil Shortfall and Soaring Prices
Overview
In April 2026, the Strait of Hormuz was effectively closed due to Iranian military actions and a U.S. naval blockade, causing global oil supply to drop by 13 million barrels per day. This sharp supply loss pushed oil prices near $150 per barrel, triggering a significant contraction in global oil demand. The disruption severely impacted Asian energy security, with no short-term alternatives available, leading to broader economic strain including rising inflation and downgraded growth forecasts in Europe and Asia. Efforts to develop alternative export routes and regional cooperation are underway, but the ongoing geopolitical deadlock and military tensions sustain high market volatility and risk prolonging the crisis.