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CommoditiesMediumUpdated×2•Originally published 8 April 2026•Updated 9 April 2026•

1 min read

WTI Crude Stabilizes as US-Iran Ceasefire Begins Amid Long-Term Supply Warnings

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Key Facts

1WTI crude prices rose sharply, heading for their highest closing price since 2022.

about 2 months ago

Version History

5 additional sources confirmed this story

Version 2about 2 months ago

What changed: Added Barclays' 2026 Brent price forecast of $85 per barrel and their warning regarding upside risks linked to potential delays in the Strait of Hormuz recovery.

Version 1about 2 months ago

What changed: The narrative shifted from an imminent military deadline to a fragile ceasefire accompanied by expert warnings that supply disruptions will persist for months despite the truce.

Crude oil markets are adjusting to the commencement of a two-week ceasefire between the United States and Iran, easing immediate fears of military escalation. In its latest outlook, Barclays forecasts Brent crude to average $85 per barrel in 2026, assuming a swift normalization of flows through the Strait of Hormuz. However, the bank warned that delays in restoring traffic or any further escalation poses significant upside risks that could push prices higher from current levels. This cautious perspective comes as the Energy Information Administration (EIA) contradicted President Donald Trump’s assertions regarding immediate price relief. While WTI prices had previously surged to 2022 highs, the focus has now shifted to the complex logistical challenges of reopening critical shipping lanes. Consequently, a risk premium remains partially embedded in energy prices due to the prolonged timeline required for full operational recovery.