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Brent surges past $105/bbl

The Jun'26 Brent futures contract rallied from a low of $101.40/bbl around 13:10 BST this afternoon to $105.40/bbl at 18:20...
Published: April 23, 2026
Written by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
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The Jun'26 Brent futures contract rallied from a low of $101.40/bbl around 13:10 BST this afternoon to $105.40/bbl at 18:20 BST (time of writing)...

US President Donald Trump said, in a Truth Social post, that he has "ordered the United States Navy to shoot and kill any boat" that was "putting mines in the waters of the Strait of Hormuz." President Trump also said that the US had "total control" over the Strait, and that it was "sealed up tight" until Iran made a deal. Meanwhile, Iran's top negotiator Mohammad Baqer Qalibaf has said a full ceasefire only makes sense if the blockade is lifted. US oil executives expect domestic production to increase amid the war, according to a Dallas Fed survey. A total 43% of survey respondents expect US crude production to increase by 250kb/d this year as a result of the war. This shifts away from the EIA's forecast that crude output will stand at 13.51mb/d in 2026 compared with 13.58mb/d in 2025. The S&P Global US Composite PMI Output Index increased to 52.0 in April (March: 50.3 - which was its lowest since September 2023). The manufacturing PMI climbed to a 47-month high of 54.0 (March: 52.3), while the services PMI rebounded to 51.3 (March: 49.8). Finally, at the time of writing, the Jun/Jul'26 and Jun/Dec'26 Brent futures spreads stand at $5.85/bbl and $20.45/bbl, respectively.

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