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Oil Prices Jump on Iran Tensions, 13 M-Barrel Cut

4/24/2026

36 5 Full Breakdown

Summary

Oil Prices Surge

Brent rose to $105.50 and WTI to $96.01 on Friday as U.S.–Iran tensions rose.
Brent futures rose $1.93 to $107 while WTI increased 76 cents to $96.61.
The International Energy Agency said the Iran war and Hormuz closure cut about 13 million barrels per day.
OPEC+ planned a 206,000-bpd May increase, now unlikely after a 6% output cut.

Summary

Trump Extends Ceasefire

Iraq began shipping crude in tanker trucks through Syria after oil revenue fell more than 70 percent since February.
Markets slipped, with the DAX and FTSE 100 falling and Japan’s Nikkei 225 down about 1 percent, pushing U.S. gasoline to $4.03 per gallon and diesel to $5.47, up 35 % and 45 % since the war began.
President Donald Trump announced on Truth Social that the Israel-Lebanon ceasefire was extended beyond its original ten-day term.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia, announced a 5 % production cut and an embargo on the United States and Israel supporters. The move drove world oil prices up nearly 300 %—from about $3 to $11.65 per barrel—triggering a recession and a shift toward diversification. Today’s Brent surge and Iraq’s truck shipments echo that 1973 shock as renewed U.S.–Iran tensions again threaten Hormuz.

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Oil Prices Surge

Brent rose to $105.50 and WTI to $96.01 on Friday as U.S.–Iran tensions rose.
Brent futures rose $1.93 to $107 while WTI increased 76 cents to $96.61.
The International Energy Agency said the Iran war and Hormuz closure cut about 13 million barrels per day.
OPEC+ planned a 206,000-bpd May increase, now unlikely after a 6% output cut.

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