
Iran shuts Hormuz, fires on tankers, and weighs new US proposal
Iran reimposed the Hormuz closure Saturday, fired on tankers, and is reviewing new US proposals. Trump warned Tehran against any attempt to blackmail the US.
Day-by-day tracking of the war and its impact on oil prices

Iran reimposed the Hormuz closure Saturday, fired on tankers, and is reviewing new US proposals. Trump warned Tehran against any attempt to blackmail the US.

Brent slid more than 12% Friday as 30 leaders met in Paris to plan a defensive Hormuz mission, Trump talked up an Iran deal, and the IEA flagged Covid-scale demand loss.

The May WTI contract expires April 21. We now print the June quote at $89.93, and the curve keeps stepping lower all the way out to late 2026.

The IEA cut its 2026 oil demand forecast by 730,000 barrels per day, projecting the first annual contraction since the pandemic as high prices and supply chaos ground down consumption.

Brent fell below $98 and Asian stocks surged after Trump said Iranian officials reached out wanting to negotiate. Pakistan has offered to host the next round.

The Rich Starry, a US-sanctioned tanker owned by a Shanghai company, became the first vessel to exit the Gulf since Trump's blockade began. Oil fell below $98.

Six major banks and forecasters have published oil price targets ranging from $85 to $150 a barrel. The entire spread hinges on one question: how long does Hormuz stay closed?

President Trump announced a full naval blockade of the Strait of Hormuz on Sunday after VP Vance departed Islamabad without a deal. Traders are bracing for a volatile open when futures markets resume Sunday evening.

VP Vance departed Pakistan after marathon talks with Iran broke down over nuclear weapons. The ceasefire expires April 22 with no follow-up scheduled.