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Originally published by The Standard Business
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April 20, 2026
3h ago

Oil prices bounce back on Iran war escalation

Oil prices bounce back on Iran war escalation

Oil prices surged on Monday on a re-escalation of hostilities in the Middle East war after Iran closed the Strait of Hormuz at the weekend..

✨ Key Highlights

Oil prices have surged due to a re-escalation of hostilities in the Middle East, with Iran closing the Strait of Hormuz after citing the United States' blockade of its ports.

  • West Texas Intermediate crude jumped more than 7%, while Brent gained over 6% on Monday.
  • President Donald Trump stated the US was "very close to having a deal" with Tehran, though Iran denied planning to attend peace talks.
  • A significant sticking point in negotiations has been the blockade of Iranian ports, with Iran indicating no plans to participate in the next round of talks.

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