Oil prices increased by more than 6% on 20 April as concerns grew about a potential breakdown of the ceasefire between the US and Iran, reported Reuters.
By 07:52 GMT, Brent crude was trading at $95.89 per barrel (bbl), a gain of $5.51, or 6.1%, while US West Texas Intermediate (WTI) had climbed to $5.46, or 6.5%, reaching $89.31/bbl.
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On 17 April, both benchmarks fell by 9%.
The decline on Friday followed Iran’s announcement that commercial ships could access the Strait of Hormuz for the rest of the ceasefire. It also came after US President Donald Trump said Iran had committed to not shutting the strait in the future.
However, tensions were reignited after US authorities seized an Iranian cargo vessel alleged to have attempted to breach a blockade, prompting Tehran to announce plans for retaliation.
Iranian officials also confirmed they would not attend a second round of negotiations proposed by the US before the current two-week ceasefire expires later this week.
The US has continued to enforce a blockade of Iranian ports. Iran, on the other side, has intermittently lifted and reinstated its own blockade of the Strait of Hormuz, a route that previously handled around 20% of global oil supplies before the conflict began nearly two months ago.
Data from Kpler indicated that more than 20 vessels transporting oil, liquefied petroleum gas (LPG), metals and fertilisers transited the strait on Saturday. It was the busiest day for ship crossings through the passage since 1 March.
Meanwhile, India expressed “deep concerns” following attacks on two Indian-flagged ships attempting to transit the Strait of Hormuz, reported Reuters.
The Sanmar Herald was named as one of the targeted ships, with reports confirming that both the crew and vessel were safe.
In separate news, Ukrainian drones targeted several Russian oil sites overnight, according to Russian regional officials and a representative from the Ukrainian military. Reuters reported that the attacks hit two refineries in the Samara area, an oil storage facility in Crimea and a Baltic Sea port used for petroleum exports.
In recent weeks, Kyiv’s forces have increased their operations against Russian oil depots and refineries, which generate significant funds for Moscow’s military, at times striking locations far from Ukrainian territory.
In Crimea, which is under Russian control, the governor of Sevastopol reported that 22 drones were brought down. He said there was damage across parts of the city, including a fire at a fuel storage tank.
Ukraine’s drone forces commander, Robert Brovdi, stated that Ukrainian forces targeted an oil depot. The country’s SBU security service added that it had also struck two Russian landing vessels and a warship stationed in the region.
