Oil Prices Near Peaks as Hormuz Tensions Escalate.. Markets Eye April 6 Deadline

Global oil prices climbed sharply on Friday, with Brent crude breaking above the $110 mark after two Chinese container vessels were prevented from transiting the Strait of Hormuz, intensifying concerns over supply disruptions in one of the world’s most critical oil chokepoints.

Brent crude futures for May delivery rose 2.82% to settle at $111.06 per barrel, while U.S. West Texas Intermediate (WTI) futures gained 2.68%, reaching $97.01 per barrel.

Latest Oil Prices:

WTI Crude • 99.73 +5.25 +5.56%

Brent Crude • 112.8 +4.76 +4.41%

Murban Crude • 118.0 +6.19 +5.54%

Natural Gas • 3.105 +0.106 +3.53%

Gasoline • 3.244 +0.114 +3.64%

Heating Oil • 4.466 +0.193 +4.51%

WTI Midland • 102.9 +5.39 +5.53%

Opec Basket • 117.0 -28.28 -19.47%

Indian Basket • 157.0 +7.11 +4.74%

The price surge follows reports that two large container ships operated by China’s COSCO Shipping attempted to cross the strait but were turned back, according to vessel tracking data from MarineTraffic. The development signals continued interference with maritime traffic, despite earlier indications from Tehran that “friendly” nations could still pass through the waterway.

The attempted transit marked the first by a major container shipping firm since the outbreak of the crises, underscoring the growing risks facing global trade routes. COSCO ranks among the world’s largest shipping companies by capacity, amplifying the significance of the disruption.

In a statement, MarineTraffic noted that “overnight developments indicate the situation in the Strait of Hormuz remains highly unstable,” reinforcing market anxieties over the safety of energy flows.

Efforts to ease tensions have so far had limited impact. U.S. President Donald Trump recently announced a 10-day pause in potential strikes on Iranian energy infrastructure, extending a deadline to April 6 in a bid to allow negotiations to progress.

Trump claimed that talks were “proceeding very well,” despite conflicting signals and Iran’s lack of official response. He also stated that Tehran had allowed the passage of ten oil tankers during the week as a goodwill gesture, an assertion that has done little to reassure markets.

While some shipments continue to pass intermittently, traders remain focused on the broader risk of sustained disruption.

Analysts warn that the global oil market is becoming increasingly fragile after weeks of pressure on supply chains. According to Rystad Energy, the system has shifted from a relatively “buffered” state to a more vulnerable one, as запасات decline and disruptions persist.

Paola Rodriguez-Masiu, senior oil analyst at the firm, noted that markets have so far absorbed the shocks with surprising resilience, supported by pre-crisis surpluses and increased production. However, she cautioned that this cushion is rapidly eroding.

“Over the past four weeks, markets have demonstrated notable flexibility,” she said. “But that phase is now nearing its end.”

Rystad estimates that approximately 17.8 million barrels per day of oil and fuel flows through the Strait of Hormuz have been disrupted, with cumulative losses approaching 500 million barrels to date.

With geopolitical tensions unresolved and shipping risks mounting, oil markets remain highly sensitive to developments in the region. Even limited disruptions are now enough to trigger sharp price movements, reflecting the narrowing margin for supply shocks.

As April 6 approaches, investors are bracing for a decisive moment that could either stabilize flows, or push prices even higher.