Crude oil futures continued their upward trajectory on Thursday, marking the fifth consecutive day of gains as geopolitical friction in the Middle East intensified. West Texas Intermediate rose to approximately $97.05 per barrel, while Brent crude settled near $106.38 per barrel. These movements bring the total advance for the week to approximately 16 percent, driven by heightening concerns over the stability of energy exports from the Persian Gulf region.
The primary catalyst for the price action involves the perceived breakdown of diplomatic efforts between the United States and Iran. According to U.S. officials familiar with the matter, recent social media activity from President Donald Trump and the administration’s decision to maintain a naval blockade of Iranian ports have hindered the prospect of in-person peace talks. Mediation efforts, which have been facilitated by officials in Pakistan acting as intermediaries, are reportedly struggling to gain traction as rhetoric from Washington becomes more assertive.
The current conflict, which began on February 28, 2026, has significantly disrupted global energy markets. The near-closure of the Strait of Hormuz, a critical chokepoint for global oil and gas transit, has led to a sharp reduction in flows from major producers in the Persian Gulf. The International Energy Agency has characterized the situation as the largest supply disruption in the history of the global oil market, with approximately 20 percent of the world’s oil trade currently impacted by the hostilities.
Dennis Kissler, senior vice president for trading at BOK Financial Securities Inc., stated that the market is currently pricing in a more intense standoff with a longer duration. The tension reached a new peak during Thursday’s session following a post by President Trump on the Truth Social platform. In the communication, the President stated he had issued orders to the U.S. Navy to shoot and kill any Iranian vessels found to be laying mines in the Strait of Hormuz.
The naval blockade, which officially commenced on April 13, 2026, remains a central point of contention in the ongoing dispute. U.S. forces have been tasked with preventing Iranian oil exports and monitoring maritime activity to ensure the safety of commercial shipping. However, the presence of these forces has coincided with a halt in direct communication between the two nations. While mediators in Islamabad had hoped to arrange a summit to discuss the reopening of the strait, the recent seizure of two container ships by the Islamic Revolutionary Guard Corps has further stalled those plans.
As of April 23, 2026, the disruption to Persian Gulf supplies remains the dominant factor in the energy sector. The 16 percent weekly rise in prices underscores the sensitivity of the market to developments in the region. With the Strait of Hormuz operating at a fraction of its normal capacity, the global supply chain for crude oil continues to face significant pressure.