Oil surges more than 5% amid renewed geopolitical tensions

20/04/2026 Argaam
Oil tank

Oil tank

Oil opened positive today, April 20, amid fears that the ceasefire between the US and Iran could collapse after Washington seized a Tehran-flagged cargo ship.

 

Brent crude was trading up 5.4% at $95.26 a barrel, at 09:00 am Makkah time. West Texas Intermediate (WTI) jumped 6% to $88.91 a barrel.

 

On April 17 close, both grades plunged over 9%, marking their steepest daily drop since after Iran allowed all commercial vessels to pass through the Strait of Hormuz for the remainder of the ceasefire period, before closing the waterway again.

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