EL7.AI
CommoditiesMediumUpdated×6•Originally published 22 April 2026•Updated 24 April 2026•
1 min read

Brent Crude Breaks Above $106 as Iran Seizes Ships in Strait of Hormuz

Key Facts

1Brent crude oil surpassed the $100-per-barrel mark following reports of gunfire attacks on container ships in the Strait of Hormuz.
2Iran's Revolutionary Guards Navy seized two container ships and transferred them to Iranian shores, claiming the vessels violated regulations.
3Gold and copper prices rose 1%, while silver jumped over 2% due to improved risk sentiment and the extension of a ceasefire.

Brent crude prices extended their winning streak to five days, reaching $106.30 per barrel, while WTI hit $96.68 following social media posts from President Trump suggesting peace prospects with Iran remain distant. In broader markets, silver prices dropped over 2% to trade near $76.255 per ounce, and gold pared early gains amid reports of a potential Lebanon-Israel ceasefire extension. This cooling of regional tensions coincided with a slight increase in US jobless claims, which weighed on Treasury yields. Meanwhile, aluminium remained steady above $3,600 per ton despite broader risk aversion in emerging markets, where the Indonesian rupiah hit a record low of 17,315 per dollar. Investors are now balancing energy supply risks driven by geopolitical rhetoric against cooling US yields and shifting safe-haven demand.