Oil Prices Jump as Strait of Hormuz Standoff Escalates

Trump has threatened strikes on Iranian power plants and bridges if Tehran does not agree to a deal.

A pen points at a page on the MarineTraffic website that shows commercial boats traffic on the edge of the Strait of Hormuz near the Iranian coast on March 4, 2026. Julien de Rosa/AFP via Getty Images

Oil prices rose during early April 20 trading amid the worsening Iran war situation, trading at about $95 per barrel after dipping below $90 on April 17.

Brent crude oil futures closed on April 16 at $99.39 per barrel and then dropped to $86.09 on April 17, before closing the day at $90.38. However, the standoff between the United States and Iran escalated this weekend, alarming oil markets and pushing up prices. Oil was trading at about $94.75 on April 20 as of 8 a.m. ET.