Oil Price Today (April 20): Crude oil jumps 6%, nears $100 again despite ceasefire hopes. What’s happening?

April 20, 2026

Oil prices surged over 6% on Monday. Tensions flared around the Strait of Hormuz after the U.S. and Iran traded accusations of ship targeting. President Trump stated American forces seized an Iranian cargo ship. Iran responded by refusing further peace talks. The conflict has disrupted global oil flows. Experts predict continued price volatility and structurally higher prices.

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