Back to today’s briefing

Story perspectives

Hormuz Closure Cuts 20% Oil, Brent Hits $108

4/28/2026

47 10

Summary

Story summary

Because U.S. President Donald Trump and Iran have not reached an agreement, the closure of the Strait of Hormuz has cut 20% of oil trade and lifted Brent crude above $108 per barrel.
The U.S. military blockade installed on April 13 stopped merchant ships for twenty-four hours and limited Sunday crossings to eight vessels.
Pentagon officials told Congress mine clearance could take up to six months, delaying full traffic restoration.

History

Historical Context

After the 1973 Yom Kippur War, Saudi-led OAPEC cut shipments by 5 million barrels per day, sending U.S. WTI from $3 to $12 per barrel. The same oil-weapon logic resurfaces in 2024, when the U.S.–Iran standoff shut the Strait of Hormuz, curtailing about 20 % of world oil and pushing Brent above $108. These episodes show how geopolitical chokepoints instantly reshape global energy markets.

1 of 2

Story summary

Because U.S. President Donald Trump and Iran have not reached an agreement, the closure of the Strait of Hormuz has cut 20% of oil trade and lifted Brent crude above $108 per barrel.
The U.S. military blockade installed on April 13 stopped merchant ships for twenty-four hours and limited Sunday crossings to eight vessels.
Pentagon officials told Congress mine clearance could take up to six months, delaying full traffic restoration.

1 / 2