WTI, Brent after Israel-Lebanon ceasefire extension
The Greek-flagged crude oil tanker “Asahi Princess” was readied off the Syrian Baniyas port refinery along the Mediterranean on April 15, 2026. The oil ministry said Iraq started exporting crude oil via Syria with tanker trucks. Oil revenue fell more than 70 percent last month compared to February, an official said.
Bekir Alkasem | AFP | Getty Images
Oil prices rose on Friday as both the United States and Iran seized ships as the conflict in the Middle East continued to raise energy concerns and the Strait of Hormuz remained closed.
International benchmark Brent crude oil rose more than 1.25% to $105.38 per barrel in Friday trading, while US West Texas Intermediate futures rose 1.14% to $96.96 per barrel.
Prices have risen even though Israel and Lebanon agreed to extend a ceasefire, President Donald Trump said Thursday after a meeting with senior U.S. officials at the White House. “The meeting went very well!” Trump posted on Truth Social announcing the extension.
The ceasefire, originally set for 10 days, will now allow more time for diplomatic negotiations, and Washington will also pledge support to strengthen Lebanon’s defenses against Hezbollah.
US oil prices since the beginning of the year
While the ceasefire between the United States and Iran remains in place, the conflict has escalated into naval blockades that keep the vital Strait of Hormuz closed as both seek to gain economic influence to secure a deal that suits their interests.
“The longer the strait remains closed, the greater the economic costs, increasing the likelihood that one side will be forced to back down,” the Commonwealth Bank of Australia wrote in a note published Friday.
Before the war, approximately 20 million barrels of oil and petroleum products were transported through the Bosphorus every day.
“We decide that the United States will be the first country to step back due to increasing political and economic costs. However, the risk of a major military escalation that will significantly increase the US dollar remains,” analysts wrote.
“We are facing the greatest energy security threat in history,” International Energy Agency President Fatih Birol told CNBC on Thursday.
“As of today, we’ve lost 13 million barrels of oil per day… and there are major disruptions to vital commodities,” he told Steve Sedgwick on CNBC. LIVE COMBINATION in Singapore.
Birol had previously warned that the Iran war and the closure of the Strait of Hormuz would lead to “the biggest energy crisis we have ever faced” and called on governments to increase their resilience with alternative energy sources.
— CNBC’s Holly Ellyatt contributed to this report.
