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Oil prices rise as Iran war hits stalemate over Hormuz strait
By Frank Prenesti
Date: Thursday 23 Apr 2026
(Sharecast News) - Oil prices rose again on Thursday as the continuing Iran war stalemate dragged on with no sign of a resolution soon.
The vital Strait of Hormuz is now effectively blockaded by both the US and Iran, with more than 860 vessels stuck either side of the narrow shipping lane, according to maritime intelligence outfit Windward.
US president Donald Trump said he had ordered the US Navy "to shoot and kill any boat" that was laying mines in the strait of Hormuz, adding that US minesweepers were working "at a tripled up level" to clear any mines from the waters.
The social media post appeared to be in response to a report in the Washington Post citing a Pentagon assessment that estimated it could take six months to completely clear the strait of mines.
Iran on Wednesday seized two merchant ships in retaliation for the US doing the same to an Iranian-flagged vessel earlier in the week and US President Donald Trump's decision to block Iranian ports.
Brent crude moved to $101 a barrel, having hit $103 earlier in the day as the head of the International Energy Agency (IEA), on Thursday said the world was facing "the biggest energy security threat in history".
In an interview with CNBC, Fatih Birol cited the loss of around 13 million barrels per day of oil supply due to the conflict and Hormuz closure. The impact is already being felt by airlines amid a jet fuel supply crisis.
Tehran also ratcheted up the pressure by demanding it be guaranteed "control" of the waterway as part of its 10-point document for negotiating a peace deal with the US.
Iran's semi-official Tasnim news agency reported Iran is planning a fixed payment of $2m per ship or a system based on each ship's cargo, similar to that of the Suez Canal. It also cited the deputy speaker of the Iranian parliament, Hamid Reza Haji Babaei, as saying the first revenue from tolls had been received.
It added that the fees have been deposited into the central bank of Iran, without disclosing the amount.
"In what began as a military conflict, we now appear to have entered a period where both sides believe they can wage war by cutting supply routes and inflicting both economic and political damage on their opponent," said Scope Markets analyst Joshua Mahony.
"This leaves the world in limbo, with businesses around the globe weighing up the potential damage being done with each day that passes. While previous market moves were driven by escalation and deescalation of the conflict, we are now heading towards a slow grind higher for energy prices as the prospect of a drawn out stalemate comes into play."
"The Iranian seizure of vessels in the Straits will be seen as a show of strength following a somewhat embarrassing climb-down from Donald Trump this week, and the concern for many is that the chances of an acceptable solution to this crisis seems less likely with the IRGC clearly taking a key role in the decision-making."
Reporting by Frank Prenesti for Sharecast.com
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