Crude Oil Prices Spike Over Uncertainty On Opening Of Strait Of Hormuz

By Kotak News Desk
|
09 Apr 2026 at 11:19 AM IST
|
Market News
|
4m

Stay updated with the latest stock market developments and trends.

You can set Kotak Neo as a preferred source to receive regular market updates.

Summary

Oil prices jumped after Iran closed the Strait of Hormuz, blaming the US and Israel for ceasefire violations. Brent crude rose to $97.02 per barrel, and prices can remain volatile and elevated through 2026.

After around a 15% drop on Wednesday, oil prices spiked early on 9 April as Iran closed the Strait of Hormuz.

As of 10 AM, Brent crude oil was priced at $97.02 per barrel, up 2.41%. And West Texas Intermediate (WTI) crude was trading at $97.46 per barrel, up 3.05%.

After a temporary ceasefire deal, Iran closed the Strait of Hormuz after it alleged the US and Israel had violated the ceasefire. The Strait of Hormuz is a key shipping route which controls one-fifth of the world’s oil supply.

Why Is The Price Of Crude Oil Rising?

Brent crude saw a rise in price after Israel continued bombing in Lebanon, which it says is not part of the ceasefire talks.

Oil prices are most sensitive to geopolitical actions, especially in West Asia, where the ongoing conflict has already led to supply disruptions and concerns over potential spillover into major oil-producing nations like Iran.

In a post on X, Iranian President Masoud Pezeshkian said that Iran announced the general outline of its 10-article plan as the framework for halting the war and one of the main conditions is a ceasefire in Lebanon.

Also Read - GQG Partners Offloads 1.3 Crore ITC Hotels Shares In ₹197 Crore Deal

What Is The Outlook For Crude Oil?

Crude oil prices can stay volatile in the coming period. Geopolitical tensions are driving most of this move. Supply issues from the Middle East are also not easing. That keeps the market on edge.

Prices are expected to stay elevated at least through the end of 2026, though they are anticipated to decline significantly to around $76 per barrel by 2027.

Sources:

Mint

CNBC

Energy Information Administration

This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their own research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.

Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Brokerage will not exceed SEBI prescribed limit. The securities are quoted as an example and not as a recommendation. SEBI Registration No-INZ000200137 Member Id NSE-08081; BSE-673; MSE-1024, MCX-56285, NCDEX-1262.

About the Author