Oil Prices Rise As US-Iran Tensions Keep Hormuz Route Disrupted

Global crude prices moved higher on Thursday as uncertainty over talks between the United States and Iran continued to disrupt flows through the Strait of Hormuz, a key route for global energy supplies.

In early trade, Brent crude for June delivery climbed to $103.35 per barrel, registering a sharp gain from the previous session. US benchmark West Texas Intermediate (WTI) also advanced, trading at $94.47 per barrel.

Market sentiment remained tense as negotiations between Washington and Tehran showed little progress.

While US President Donald Trump extended the ceasefire, restrictions on Iran’s maritime activity remain in place, including a continued naval blockade.

According to the US Central Command, “US forces have directed 31 vessels to turn around or return to port as part of the US blockade against Iran,” underscoring the ongoing disruption in shipping routes.

The Strait of Hormuz, a crucial passage for global oil and gas trade, has remained effectively shut for over 50 days.

Analysts warn that prolonged disruption could tighten global supply and push prices higher, with implications for import-dependent economies such as India.

Despite the situation, authorities in India have said fuel supply across the country remains stable, with retail outlets operating normally.

Diplomatic efforts have also faced setbacks, with reports indicating that Iranian representatives may skip upcoming talks, describing them as unproductive.

At the same time, regional tensions have risen further, including reports of vessel seizures by Iran’s navy in the area.

Following these developments, the Indian-flagged tanker Desh Garima recently completed its journey through the Strait and reached Mumbai with its crew on board.

The Indian crude basket was priced at $102.46 per barrel as of April 21, with the monthly average for April standing significantly higher, reflecting the ongoing volatility in global energy markets.