Crude oil prices surged nearly 8% to over $103-104 per barrel in April 2026 following Donald Trump's announcement of a U.S. naval blockade targeting Iranian ports and the Strait of Hormuz, which handles nearly 20% of global oil supply. Physical oil markets saw even more dramatic increases, with prices reaching a record $148.87 per barrel and Dated Brent trading more than $20 above futures contracts as buyers paid unprecedented premiums for immediate delivery. The crisis, which began in late February 2026, has caused oil shipments to Europe and Asia to drop sharply, forcing refiners to compete for limited North Sea and African crude supplies. Jet fuel prices are nearing $200 per barrel and diesel has climbed to around $170 per barrel, creating severe cost pressures for airlines, logistics companies, and manufacturers while driving inflation and straining consumer spending globally.
Apr 5, 2026 · 4 sources
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