Oil futures rise again as U.S. ramps up blockade in Strait of Hormuz

Thu, 16 Apr 2026 22:21:00 +0200

Oil futures extended their gains Thursday as the United States intensified its blockade of the Strait of Hormuz, a key maritime passage for global oil shipments. The move has tightened supply availability and kept upward pressure on prices, even though crude has begun to trade in a narrower range compared with the initial spike earlier in the week. Brent crude futures, the global benchmark, have been hovering just below 96 dollars per barrel, trading within a tight band between roughly 93.90 and 96.90 dollars over the past sessions, reflecting a consolidation phase after the sharp run‑up sparked by the blockade announcement. West Texas Intermediate (WTI) for the U.S. market has also remained elevated, supported by concerns over disruptions to shipments from the Middle East and continued geopolitical uncertainty. The extended blockade has heightened fears of sustained supply constraints, especially given that the Strait of Hormuz handles a large share of the world’s seaborne oil trade.