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Brent Hits $104.70/bbl

Brent extends rally above $103/bbl; traffic through SoH grinds to a halt; European refineries on "max jet mode"
Published: April 23, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
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The Jun’26 Brent crude futures extended its rally this morning, rising to the $103/bbl level and saw highs of $104.70/bbl at 10:10 BST.

Prices saw further gains in the wake of stalled peace talks between Iran and the US as both nations maintained restrictions on the flow of trade through the Strait of Hormuz. As Jun’26 Brent expiry approaches, liquidity is shifting towards the Jul’26 contract, which is trading around $98/bbl. In the news, traffic through the Strait of Hormuz ground to a halt on Thursday after Iran fired on commercial ships and said it had seized at least two vessels, a first in nearly eight weeks of war. According to Shell Nederland president-director Frans Everts, all refineries in Europe are on “max jet mode”. A large US fund specialised in energy and infrastructure is set to make an offer for ‌the ISAB refinery in Sicily, with the backing of an Indonesian oil group, Italian financial newspaper MF reported on Thursday, without naming the fund. Brazilian oil driller Alvorada Heavy Industries is expanding in Venezuela, betting that sanctions relief will stimulate the country’s oil production. It is boosting production at three blocks on the northeastern edge of the Orinoco Oil Belt and aiming to raise production from 4kb/d to 20kb/d within two years. Daily auctions for transit lanes in the Panama Canal have hit a record high, with prices for Panamax locks averaging $837,500, according to data compiled by Argus Media. Finally, the Jun/Jul and Jun/Dec Brent futures spreads are at $5.70/bbl and $19.50/bbl respectively.

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