Global crude oil prices surged sharply, rising more than 7.5% after Iran resumed restricting shipping through the Strait of Hormuz. With the ceasefire agreement nearing expiration, the market fears a new escalation of conflict.
On 20 Apr 2026 GMT+7, international news agencies reported that global crude oil prices sharply surged again on Sunday trading after Iran resumed blocking most shipping through the Strait of Hormuz, a route transporting about 20% of the world's crude oil, amid concerns that conflict in the Middle East could flare up again.
Reports indicated that Brent crude oil, the global market benchmark, rose about 7% to $96.88 per barrel, or approximately 3,530 baht, after having closed on Friday at its lowest since 10 Mar, following news that Iran would reopen the strait. Meanwhile, U.S. West Texas Intermediate crude also rose 7.5% to $90.33 per barrel, or about 3,290 baht.
However, clarity about the reopening of the route remains uncertain, with no confirmed answer on which nations' ships may pass. Before Iran announced the closure again on Saturday, maritime tracking data showed that throughout Sunday no oil tankers were able to transit the Strait of Hormuz.
Meanwhile, tensions in the Middle East have also weighed on U.S. stock and financial markets, with Dow Jones futures down 451 points or 0.91%, while the S&P 500 and Nasdaq both declined about 0.8%. Analysts warn that if the Strait of Hormuz remains closed, global energy prices could surge again, increasing pressure on the global economy in the second half of the year.
Source: CNN