Crude oil tops $103 as Hormuz blockade roils 2026 markets

What moved oil prices on April 23

Global crude oil prices climbed sharply on Thursday, April 23, as uncertainty around US-Iran peace efforts kept supply risks elevated in the Strait of Hormuz. The move came amid reports of attacks on shipping and continued US naval restrictions, which market participants treated as an immediate threat to energy flows. Brent and WTI both gained in early trade, extending an uptrend seen in the previous session. The rise reflected how quickly oil reacts when a critical chokepoint faces disruption, even when a ceasefire timeline exists on paper.

Traders were focused on whether shipping can normalise through the strait, a route that handles nearly one-fifth of global oil and gas flows according to the report. With vessel movement described as minimal over the past 24 hours in one update, the market response remained risk-sensitive. Analysts cited the possibility that prolonged constraints could keep prices supported, especially if the situation worsens at sea.

Brent above $103 and WTI near $15

Brent crude for June delivery on the Intercontinental Exchange climbed to $103.35 per barrel, up nearly 4% from the previous close, according to the Mumbai update. Separately, another update put Brent at $103.28, up 1.35%, at 7:55 am (IST) on April 23. West Texas Intermediate (WTI) futures on NYMEX rose 1.62% to $14.47 per barrel in early trade.

Earlier in the week, prices were already trending higher. One report said Brent was at $19.29 (up 0.82%) while WTI was at $10.71 (up 1.15%) as markets assessed the ceasefire extension alongside continuing restrictions. Another update cited intraday spikes with Brent touching $16.87 and WTI $11.20 during a session when tensions escalated.

US restrictions keep the Strait of Hormuz effectively shut

The price spike was linked to a prolonged geopolitical standoff in which the United States continued naval restrictions around Iran. US Central Command said 31 vessels were instructed to turn back or return to port as part of the blockade. Although US President Donald Trump extended a ceasefire timeline pending a “unified proposal” from involved parties, the maritime restrictions were not lifted.

The strait has been described as closed for more than 50 days, keeping uncertainty high for shippers, refiners, and commodity traders. Even in periods where some transit is possible, risk premia can rise when vessels face threats, delays, or rerouting. The market’s response on April 23 suggested participants were pricing supply disruption risk rather than waiting for diplomatic clarity.

Reports of attacks on ships add to maritime instability

Reports referenced an escalation in the waterway, including an AP report that Iran fired on three cargo ships and seized two of them. Another line in the broader update said Iran had reportedly seized two commercial vessels in the strait, adding to instability. These developments came soon after Trump’s ceasefire extension announcement, highlighting how quickly conditions can shift.

Diplomatic momentum also appeared to weaken. Iranian negotiators were reported to be boycotting upcoming talks, calling them unproductive. US Vice President JD Vance was also reported to have postponed participation amid the deadlock. The combination of limited negotiations and operational constraints in a key corridor supported higher prices.

India-linked shipping update: Desh Garima reaches Mumbai

Amid the disruption, the Indian-flagged crude tanker Desh Garima safely arrived in Mumbai after transiting the contested waters, carrying 31 Indian crew members. Another report added operational detail, stating the vessel carried 97,422 tonne of crude oil and crossed the waterway on April 18, with an expected Mumbai arrival on April 22.

The same cluster of reports said Iran reportedly fired at two Indian vessels on Saturday while they were transiting the strait: Samnar Herad and bulk carrier Jag Arnav, and that the ships returned to the Persian Gulf. India’s Ministry of External Affairs spokesperson Randhir Jaiswal said India was in touch with Iranian authorities to ensure the safety of its ships and secure transit.

What it means for India: inflation and trade deficit risks

Analysts warned that sustained global price increases could hurt import-dependent economies such as India, raising concerns over inflation and trade deficits. India relies heavily on imported crude, so a jump in benchmark prices can translate into higher input costs across transport, aviation, and manufacturing, depending on how long elevated prices persist.

At the same time, the report noted that domestic fuel retail operations in India have so far remained stable. That indicates no immediate operational disruption at the retail level was reported in the update, even as global prices moved higher.

India’s crude basket remains elevated in April

India’s crude import benchmark basket, which includes a mix of Brent, Oman, and Dubai crude, was priced at $102.46 per barrel as of April 21. The report added that April’s average was already elevated at $115.8 per barrel, underlining ongoing volatility.

These levels matter because they reflect the effective import cost trend rather than a single global benchmark. When the basket stays high for longer periods, it can influence government revenue assumptions, subsidy dynamics where applicable, and broader macro expectations.

Key figures at a glance

Why this episode matters for markets

The Strait of Hormuz remains a structural risk point because it concentrates a large share of seaborne energy flows. When restrictions persist, the market tends to reprice not only spot supply risk but also future uncertainty around shipping availability, insurance costs, and delivery schedules. The April 23 move also followed earlier sessions where both Brent and WTI had already risen around 3%, showing how quickly momentum can build when the underlying constraint is unresolved.

For India, the immediate significance is the potential persistence of elevated import costs. With the India crude basket already above $100 per barrel and April’s average at $115.8 per barrel, the sensitivity to further disruption is high. The shipping updates involving Indian-flagged and India-linked vessels also bring attention to operational and safety risks beyond pricing.

Conclusion

Oil prices strengthened on April 23 with Brent above $103 per barrel as the US-Iran deadlock kept the Strait of Hormuz constrained and maritime risks escalated. The coming days are likely to hinge on whether talks resume and whether shipping restrictions ease, with markets watching for any confirmed changes to the blockade and vessel movement.