Thursday 16/April/2026 – 09:45 AM
There were fears of reaching an agreement between Iran And America On oil prices today, Thursday, as they rose after falling earlier in the session, amid the cessation of oil production from major production areas in the Middle East.
Oil prices rise globally and a barrel reaches $95
Brent crude futures recorded gains of about 10 cents, reaching $95.03 per barrel at 05:26 GMT, and US West Texas Intermediate crude futures rose 46 cents to reach $91.73 per barrel, according to Reuters.
The prices of both crude oil standards settled little changed at settlement on Wednesday, but they traded within a wide range, and the US-Israeli war on Iran caused the largest disruption ever to global supplies of oil and gas due to Iran’s obstruction of traffic through the strait, through which about 20% of the world’s oil and liquefied natural gas flows passed.
Despite hopes for de-escalation, a number of investors remain skeptical, given that talks between the United States and Iran have repeatedly collapsed even after they appeared to be making progress, said Fujitomi Securities analyst Toshitaka Tazawa.
The US Energy Information Administration said yesterday, Wednesday, that crude oil inventories fell by 913,000 barrels to 463.8 million barrels in the week ending April 10, while analysts in a Reuters poll had expected a rise of 154,000 barrels.
Small flow of oil tankers
He added: Until a peace agreement is reached and freedom of navigation through the strait is restored, it is expected that West Texas Intermediate crude oil prices will continue to move between $80 and $100.
Analysts from ING estimate that the closure of the strait has disrupted the flow of about 13 million barrels per day of oil, after taking into account pipeline diversions and the small flow of oil tankers that were crossing the strait, according to a note issued Thursday.
ING Bank analysts said: “The oil market is getting tighter day by day without the resumption of oil flows through the Strait of Hormuz. Meanwhile, American and Iranian officials are considering returning to Pakistan for further talks as soon as possible after a round of negotiations ended on Sunday without reaching an agreement. The commander of the Pakistani army, which is mediating between the two sides, arrived in Tehran yesterday, Wednesday, in an effort to prevent a re-ignition of the conflict.
The United States imposed a blockade on ships leaving Iranian ports, and its army said it had completely cut off trade entering and leaving the country by sea.
An informed source from Tehran told Reuters that Iran may consider allowing ships to sail freely through the Omani side of the Strait of Hormuz if an agreement is reached to prevent renewed conflict after the two-week ceasefire starting April 8.
