Oil prices eased slightly on Tuesday after jumping about 6% yesterday following increased hostilities in the Strait of Hormuz.
The Strait of Hormuz crisis threatens global stability, food security, and the foundational principles of international law, said Bahrain's Minister of Foreign Affairs, calling for urgent international action.
Saudi Arabia's National Shipping Company Bahri has delivered solid results for the first quarter of 2026 with a 129% growth in its revenue which soared to SAR4.96 billion ($1.32 billion) driven primarily by higher freight rates, while its net profit surged to hit SAR2.15 billion ($572 million).
US President Donald Trump said Iran had indicated it was in a “state of collapse” and was seeking the urgent reopening of the Strait of Hormuz, even as efforts to end the two-month conflict remained deadlocked.
Conflict between the US, Israel and Iran has disrupted Strait of Hormuz shipping, exposing limited export alternatives. Existing pipelines offer partial relief, while proposed routes face major political, security and financial challenges.
Oil prices jumped on Wednesday (April 22) with Brent trading above $100 a barrel, erasing earlier losses following reports of gunfire attacks on at least three container ships in the Strait of Hormuz.
deVere Group CEO Nigel Green warns that closing the Strait of Hormuz would trigger a sharp oil price surge beyond previous spikes and cause intensified market volatility as blockade risks become more plausible.
US President Donald Trump has lashed out at allies for not getting further involved in the Iran war, telling them to go to the Strait of Hormuz to take their own fuel and securing the strait is "not for us."
Crude oil supplies from Iraq and Kuwait could start shutting in within days if the Strait of Hormuz remains closed, potentially cutting 3.3 million barrels per day (bpd) by day eight of the Middle East conflict, JP Morgan analysts said in a note.
Oil prices turned lower in Asian trading on Tuesday as markets reacted to reports that Donald Trump had indicated to aides he was prepared to bring the conflict with Iran to an end without insisting on the immediate reopening of the Strait of Hormuz.
