Crude oil prices surge

David Morrison

SENIOR MARKET ANALYST

13 Apr 2026

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Crude oil prices gapped up as they reopened late on Sunday. The move saw spot Brent jump 7.4% and briefly break above $100 per barrel, while WTI added 6% from Friday’s close. The moves came after the Trump administration confirmed plans to blockade maritime traffic entering and exiting Iranian ports from today.

Source: TN Trader 

The US Central Command confirmed that the blockade would apply to vessels of all nations entering or departing Iranian ports along the Arabian Gulf and Gulf of Oman, though ships travelling to non-Iranian ports would not be affected. A look at the Brent forward curve, where crude oil for future delivery is priced, shows a market in a steep backwardation. Front-month Brent was trading around $102 this morning.

That drops to $90 for August delivery, and $80 for December. This is very steep by historical standards, suggesting that the supply issues are mostly in the short-term. As far as oil traders are concerned, this war may be in its seventh week, but it should be resolved by summer.


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