Global oil prices surged on Friday, April 24, with Brent crude climbing above USD 106 a barrel as tensions between the United States and Iran intensified around the strategic Strait of Hormuz, raising fresh fears over global energy supplies.
Markets reacted to reports of reciprocal seizures of commercial vessels by Washington and Tehran, while concerns also mounted over possible renewed mining activity in the narrow waterway through which a significant share of the world’s oil trade passes.
Kuwait reopened its airspace on Thursday, April 23, after a temporary suspension introduced as a precaution amid heightened regional tensions linked to the US-Iran conflict.
Reuters, citing a US official, reported that an internal Pentagon memo explored options to punish NATO members viewed as not supporting US operations against Iran. Measures reportedly included suspending Spain from the alliance and reviewing Washington’s position on Falkland Islands claims backed by United Kingdom (UK).
Russian media quoted Iran’s ambassador to Moscow as saying Tehran had granted several countries, including Russia, exemptions from transit fees through the Strait of Hormuz.
CNN, citing informed sources, reported that US President Donald Trump’s extension of the ceasefire with Iran would not be open-ended. The report said US forces were prepared to resume strikes if Tehran refused to restart talks, while Iran had yet to decide on participation in a second negotiating round expected in Islamabad.
Israeli newspaper Maariv quoted an Israeli army officer as saying conflicting public remarks by Trump had created uncertainty over Washington’s next move.
The Wall Street Journal reported growing concern in American circles that the war with Iran was depleting US weapons stockpiles and could limit Washington’s ability to respond in defence of Taiwan if conflict erupted with China.
White House spokeswoman Carolyn Leavitt told The New York Times that the United States maintained the world’s strongest military and held surplus weapons and ammunition, responding to claims that the Iran war had significantly reduced US stockpiles.
US officials reportedly expressed optimism over a possible later meeting involving Lebanese President Joseph Aoun, Israeli Prime Minister Benjamin Netanyahu and Trump, though Lebanese officials dismissed the prospect under current conditions.
The Wall Street Journal, citing US officials, said negotiations to end the war with Iran and mediation between Israel and Lebanon were separate diplomatic tracks. Linking them, officials said, would imply Tehran held influence over sovereign Lebanese affairs.
While attention remains on petrol prices, analysts warned a deeper disruption may be emerging in diesel supplies, the fuel widely used in transport, freight and heavy industry.
EU foreign policy chief Kaja Kallas said talks with Iran should include nuclear experts and cover missiles, proxy groups, and cyber activities, warning that a weaker deal could create “a more dangerous Iran”.
CNN reported that the US military was preparing new operational plans aimed at targeting Iran’s capabilities in the Strait of Hormuz.
Axios reported that this was the second time Iran had mined the Strait of Hormuz since the war began, adding it remained unclear whether mines from the first round had been fully detected and cleared.
International Energy Agency (IEA) said liquefied natural gas supplies were likely to remain strained through the end of 2027 because of disruptions and infrastructure damage caused by the US-Iran war.
