Global oil prices rise amid tensions at the Strait of Hormuz

On April 20, 2026, global oil prices experienced a significant increase during early trading sessions in Asia. The West Texas Intermediate (WTI) rose by 7.67% to $90.28 per barrel, while Brent crude increased by 6.76% to $96.49 per barrel. This market volatility follows reported tensions in the Strait of Hormuz, specifically linked to the seizure of an Iranian-flagged cargo vessel by the United States military. Some reports indicate this action has disrupted maritime traffic, while other sources suggest these developments contradict previous signals from Tehran regarding the safe passage of commercial vessels. This price surge occurs after a 10% market decline observed over the preceding weekend. The events have also contributed to a strengthening of the US dollar throughout the week.