Oil Prices Jump 4% as Iran Keeps Hormuz Closed Despite Ceasefire

Oil surged as Iran refused to reopen the Strait of Hormuz despite a ceasefire extension, fueling fears of renewed conflict and supply disruptions. Make us preferred on Google Share Facebook X (Twitter) LinkedIn Bluesky Email Copy Copied An aerial photograph shows the Greek-flagged crude oil tanker “Asahi Princess” off the coast of the Syrian Baniyas port refinery, along the Mediterranean Sea on on April 15, 2026. (Photo by Bakr ALkasem / AFP) Content Share Facebook X (Twitter) LinkedIn Bluesky Email Copy Copied Flip Make us preferred on Google Oil prices jumped four percent Thursday after Iran vowed not to reopen the Strait of Hormuz so long as a US naval blockade remained in place despite a ceasefire extension. At around 0025 GMT, the benchmark US oil contract West Texas Intermediate (WTI) climbed 4.06 percent to $96.73 per barrel. International oil benchmark Brent North Sea crude rose 3.62 percent to $105.63. Both eased back in the following minutes. Follow our coverage of the war on the @Kyivpost_official . Oil prices have soared since Israel and the United States attacked Iran on February 28 and they have kept inching up on the uncertainty over whether war will resume. As the clock ticked for a return to the war that has engulfed the region, US President Donald Trump had said Tuesday he would maintain the truce to allow more time for Pakistani-brokered peace talks. Iran said it welcomed the efforts by Pakistan but made no other comment on Trump’s announcement.