Crude oil prices surged toward the $100 mark on Thursday, with Brent crude closing at $99.39 per barrel and West Texas Intermediate at $94.69. This spike comes amid significantly reduced tanker traffic through the Strait of Hormuz, a crucial maritime route, as U.S. Navy blockades persist and tensions with Iran escalate. The limited flow of oil tankers is raising concerns about supply constraints, particularly as geopolitical tensions remain unresolved.

The market’s reaction reflects the broader implications of ongoing U.S.-Iran negotiations, which are currently stalled. President Trump hinted at a potential meeting over the weekend, but without a confirmed date, uncertainty looms. The expiration of a two-week ceasefire on April 21 adds further pressure, as Iran seeks to assert control over shipping lanes, potentially disrupting supply and driving prices higher.

For market professionals, the key takeaway is to monitor developments in U.S.-Iran relations closely, as any shifts could significantly impact oil supply dynamics and pricing in the near term.

Source: cnbc.com