Iran War Drives Oil Higher as Europe Feels the Strain
Iran War Drives Oil Higher as Europe Feels the Strain April 27, 2026 Oil markets react to stalled Hormuz traffic Brent crude has rebounded sharply as the situation around the Strait of Hormuz remains unresolved. On 17 April, Brent had fallen to $86.09/b following statements from Iranian authorities suggesting a reopening of the Strait. However, the US maintained its blockade of Iranian ports, and the Strait closed again almost immediately. Shipping traffic has since remained highly restricted, with even fewer ships allowed through in recent days. In the report, Brent was already at $105.33/b, up $15/b over the week. Since then, oil prices have moved even higher, with Brent now around $112/b, reflecting continued disruption in the Strait of Hormuz and the lack of progress in US–Iran relations. The market is therefore pricing two simultaneous risks. On the one hand, it does not appear to expect a full resumption of conflict, which would likely bring further damage to oil infrastructure in Iran…
