Energy prices surge following military escalation in the Strait of Hormuz

On April 22, 2026, global oil and natural gas prices experienced a significant increase following renewed military tensions in the Strait of Hormuz. The escalation was triggered by the U.S. military's seizure of an Iranian cargo ship, alongside ongoing disruptions to shipping traffic in the region. As of 02:30 local time, West Texas Intermediate (WTI) rose by 7.67% to $90.28 per barrel, while Brent crude increased by 6.76% to $96.49. European natural gas prices (TTF) saw a rise of approximately 5.04% to 40.74 euros per megawatt-hour. Despite public announcements by Donald Trump regarding an indefinite ceasefire, market uncertainty persists. Reports indicate that the blockage of the Strait of Hormuz remains a primary concern for global energy flows, with various sources confirming military activity involving both U.S. and Iranian forces. Prior to these weekend events, oil prices had fallen due to earlier expectations that Tehran would permit passage for commercial vessels.