Trading Update 26th April 2026

Brent Crude Weekly Review – Why Oil Prices Jumped Above $105

 

The oil market delivered another dramatic week from 19 April to 26 April 2026, with Brent Crude swinging sharply as traders reacted to Middle East tensions, OPEC+ supply signals, and fresh headlines around US-Iran negotiations.

Brent started the week near $97–98 per barrel and then surged above $105 before easing slightly into the weekend. By 24 April, Brent traded around $105.33 per barrel, while some live market feeds showed prices closer to $105.88 by the weekend. That kept the market firmly in a high-volatility zone and gave spread bettors plenty to watch.

This was not just about oil barrels. It was also about shipping routes, diplomacy, inflation fears, and how energy stocks reacted across London, New York, and the Gulf.

Brent Crude Price Movement Through the Week

 

The week opened with a strong rebound after heavy selling the previous Friday. On 19 April, renewed fears around the Strait of Hormuz pushed Brent sharply higher. Reuters reported a rise of more than 5.6%, with Brent jumping to $95.48 after concerns that the fragile US-Iran ceasefire could collapse. Traders quickly priced in supply risk again.

As the week progressed, prices pushed even higher. Brent traded around $101 on 22 April and then climbed toward $105 by 24 April. Yahoo Finance data showed highs above $107 intraday during the week, confirming how aggressive the move became.

The key message was simple. The market cared less about normal supply forecasts and more about whether oil could physically move through the Strait of Hormuz.

Around 20% of global oil and gas flows through that route. Even the threat of disruption creates a major risk premium.

The Strait of Hormuz Remained the Main Driver

 

The biggest political issue remained the Strait of Hormuz and the wider Iran conflict. Shipping activity stayed limited, and markets feared further disruption after the US seizure of an Iranian cargo ship and Tehran’s threat of retaliation.

That immediately changed trader psychology. Instead of asking whether supply was comfortable, the market asked whether supply could reach customers at all.

The US Energy Information Administration had already warned earlier in April that Brent averaged $103 in March and could peak near $115 in the second quarter if disruption continued. The agency also noted that the Brent-WTI spread widened because Brent reflects higher shipping risk and tighter international supply.

That forecast helped explain why buyers kept stepping in above $100. Traders were paying for geopolitical insurance.

US-Iran Peace Talks Created Sharp Pullbacks

 

While war headlines pushed prices up, diplomacy pulled them back down.

Reports on 24 April suggested Pakistan was helping to restart US-Iran talks, and that President Trump planned to send envoys for discussions. That cooled some of the panic buying and pushed crude off its highs.

Markets hate uncertainty, but they also hate missed peace deals. Every hint of diplomacy created quick profit-taking.

Reuters had already noted on 20 April that hopes for progress with Iran caused oil prices to drop and offered relief to currencies and bond markets in major importing nations such as India. Lower oil prices reduced pressure on inflation and government borrowing costs.

This created the classic oil market tug-of-war: war risk versus negotiation headlines.

OPEC+ and Russia Tried to Calm the Market

 

OPEC+ also shaped sentiment during the week.

The producer group had already agreed to raise output quotas by 206,000 barrels per day from May. In theory, that should ease supply pressure. In reality, traders remained sceptical because several producers could not fully increase output due to regional instability.

Russia also stated on 23 April that it would maintain oil exports and had no fresh OPEC+ initiatives planned. Moscow clearly wanted to present itself as a stabilising force rather than another source of disruption.

Still, the market did not fully trust extra barrels on paper. When physical routes are under threat, promised supply matters less than actual delivery.

That is why Brent stayed elevated despite the OPEC+ increase.

How Oil Stocks Reacted

 

Higher Brent prices gave strong support to oil majors and energy producers.

In London, traders focused on names such as Shell plc and BP p.l.c. Stronger crude prices improve upstream earnings, especially when Brent pushes through the psychological $100 mark.

Integrated producers benefit because higher realised selling prices often outweigh the pressure from refining in the short term.

US energy names also stayed firm, while transport and airline stocks faced the opposite problem. Higher fuel costs quickly squeeze margins, especially when businesses cannot pass them on to customers.

Broader equity markets showed caution. The FTSE 100 finished lower during the week, reflecting wider inflation concerns and risk-off sentiment. Expensive oil often acts like a tax on global growth, and equity investors know it.

So while oil producers enjoyed support, the wider market remained nervous.

Inflation and Central Bank Pressure

 

Oil above $100 matters far beyond the energy sector.

Higher crude prices push up transport and manufacturing costs, as well as household fuel bills. That creates fresh inflation pressure just when central banks want inflation to cool.

For spread bettors, this matters because oil can quickly influence indices, currencies, and bond markets.

If Brent keeps pushing toward the EIA’s projected $115 area, traders may start pricing in a tougher stance from central banks again. That would pressure growth stocks and support defensive sectors.

This is why crude is never just an oil trade. It becomes a macro trade very quickly.

What Traders Should Watch Next

 

The next major focus is whether peace talks with Iran make real progress or collapse again.

If negotiations fail and the disruption worsens, Brent could quickly challenge the $110–115 area. The market has already shown how fast it can reprice geopolitical risk.

If diplomacy improves and shipping normalises, traders could see a pullback toward the mid-$90s.

OPEC+ compliance also matters. If promised supply increases fail to appear, the market will stay tight.

For spread bettors, volatility remains the opportunity. Fast headlines, sharp reversals, and strong technical levels are defining this market.

Right now, Brent is trading like a geopolitical instrument first and a commodity second.

That usually means one thing: expect another lively week ahead.

 

Keep an eye on the oil prices here.