Brent Oil Holds Above $105 Amid Iran Talks and Strait of Hormuz Tensions

Brent crude oil held steady near $105 per barrel on Friday, April 24, 2026, as stalled U.S.-Iran peace talks and ongoing disruptions in the Strait of Hormuz continued to underpin global oil prices despite diplomatic efforts to ease tensions.

According to OilPrice.com, Brent crude futures traded at $104.60, down slightly from the previous session but maintaining a firm position above the $105 psychological threshold, while West Texas Intermediate (WTI) crude hovered around $93.57. The price action reflects a market balancing act between geopolitical risk premiums and cautious optimism over potential diplomatic breakthroughs.

The Strait of Hormuz, through which approximately 20% of global oil supply normally flows, remains effectively closed or severely restricted due to military tensions, including threats to tanker movements and reported seizures. Analysts cited by IBTimes note that even partial normalization of shipping could take weeks or months, sustaining upward pressure on prices.

Standard Chartered and other financial institutions have indicated that $95 per barrel may represent a near-term equilibrium level for Brent crude, though forecasts suggest sustained highs could persist even if flows resume partially, given the depth of supply disruptions and infrastructure damage in the region.

U.S. Energy Information Administration data and industry reports confirm that global oil supply dropped sharply in March, with OPEC+ output falling dramatically due to infrastructure attacks and export constraints. Non-OPEC production also faced headwinds, amplifying the shortfall at a time when demand remains relatively resilient despite broader economic uncertainties.

Gasoline futures have risen to multi-year highs as a direct consequence of the crude oil surge, contributing to inflationary pressures in consumer markets. Heating oil and other refined products have similarly experienced upward momentum, reflecting the broad impact of the supply shock across energy sectors.

While renewed hopes for U.S.-Iran diplomacy have capped further rallies in oil prices, the absence of a concrete ceasefire or de-escalation agreement means markets remain sensitive to any negative developments. Traders continue to monitor diplomatic channels closely, with any sign of stalled talks or renewed military activity likely to trigger immediate price responses.