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Commodity News Details
Energy Preview: Oil prices surge amid renewed tensions between US and Iran
20-Apr-2026 08:51

Crude oil futures surged back on Monday morning in Asia amid renewed concerns surrounding US and Iran turmoil and reports of sudden re-closure of the Strait of Hormuz. WTI crude oil is bouncing back after a sharp slide to around one and half month low on Friday following news that Iran reopened the Strait of Hormuz to commercial shipping. However, reports that the United States (US) violated the ceasefire by firing at one of Iran's commercial ships and that it will soon respond and retaliate against this maritime and armed robbery by the US military, is reigniting tensions in the region and thus boosting oil prices. Currently, WTI oil prices are trading at $87.35 per barrel, up over 5.5%. Brent is also up more than 5% at around $95.29.

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