Global oil prices surged after a confrontation between the United States and Iran, where a US destroyer fired on an Iranian-flagged vessel attempting to bypass a naval blockade in the Gulf of Oman.
The standoff disrupted tanker movement through the Strait of Hormuz, a critical route for global energy supplies, raising fears of prolonged supply constraints.
As a result, US crude rose 6.4 percent to $87.90 per barrel, while Brent crude climbed 5.8 percent to $95.64, reversing earlier declines after Iran briefly signaled reopening the strait.
Tensions escalated further as both sides accused each other of violating a fragile ceasefire, with Iran warning of retaliation and the US maintaining its blockade.
The uncertainty has clouded ongoing negotiations, heightening concerns over stability in global oil markets and energy security.
Source: PhilNews24 | April 21, 2026
