EconomyPoliticsHOTTuesday, April 21, 2026

Global Crude Oil Prices Volatile Amidst US-Iran Tensions

TLDR

Oil prices surge: Brent $111.28, WTI $107.87 (May 18).
Driven by US-Iran tensions, Strait of Hormuz closure.
UAE OPEC exit, Iran attacks fuel market fears.
Prices hit $120 peak April 30; Sri Lanka fuel costs loom.

Global crude oil prices have experienced considerable volatility recently, with initial reports indicating a sharp rise where WTI Crude reached $111.54 per barrel and Brent Crude surpassed $109. This surge was followed by a notable decline, pushing Brent Crude to $94.59 and WTI Crude to $90.43, as prospects for the resumption of US-Iran peace talks in Islamabad emerged. However, prices subsequently increased again, with Brent Crude reaching $96.25 and WTI Crude at $90.15, attributed to renewed uncertainty surrounding these negotiations. Further contributing to market instability are reports of a US Navy seizure of an Iranian vessel and Iran's threats concerning the Strait of Hormuz. The price movements of Murban Crude, which reached $114.84 before falling to $100.80, are particularly relevant for Sri Lanka due to its past import patterns.

7 Updates

Update #8\u00b7 May 18 · 12:01 PM

Global crude oil prices have seen a renewed increase as of May 18, 2026. Brent crude rose by 1.85% to USD 111.28 per barrel, while WTI crude climbed by 2.32% to USD 107.87 per barrel. These latest price surges are attributed to US President Donald Trump's warning that time is running out for Iran peace talks. The ongoing closure of the Strait of Hormuz by Iran, in retaliation for US-Israel attacks that began on February 28, continues to significantly impact global energy markets, as approximately one-fifth of the world's oil and liquid natural gas transits through this vital shipping lane.

Update #7\u00b7 May 18 · 1:46 AM

As of May 4-5, 2026, global crude oil prices saw a renewed increase. Brent crude rose by 1.32% to USD 110.70 per barrel, marking its highest value since May 5th. WTI crude climbed by 1.75% to USD 107.26 per barrel, reaching its highest level since May 4th. These price movements are attributed to stalled efforts to end the US-Israel war against Iran and an attack on a nuclear power plant in the United Arab Emirates.

Update #6\u00b7 May 15 · 5:47 AM

Global crude oil prices have seen further volatility. On May 15, 2026, WTI crude rose by 1.41% to USD 102.60 per barrel, and Brent crude increased by 1.21% to USD 107.00 per barrel. Murban crude also reached USD 104.70 per barrel. These movements follow earlier reports on April 30, 2026, where Brent crude was priced at USD 120.00 and WTI at USD 107.60, attributed to renewed US threats against Iran and fears of a blockade on the Strait of Hormuz. Prior to that, on April 29, Brent crude had surged to USD 114.84 and WTI to USD 103.54, driven by US-Iran diplomatic conflict and concerns over the UAE's potential OPEC withdrawal. An earlier report noted Brent at USD 104.1 and WTI at USD 98.51, linked to US President Donald Trump's disagreement with Iran's response to a war-ending proposal.

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