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Brent briefly hits $99/bbl

Uncertainty looms ahead of the ceasefire deadline on Wednesday....
Published: April 21, 2026
Written by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
Reviewed by:
Giovanni Simonetti

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti
4 page report
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The Jun'26 Brent futures contract climbed from $94.16/bbl at 11:55 BST to $98.65/bbl at 17:43 BST (time of writing). Prices met resistance at $98.25/bbl at 16:40 BST today, and re-testing this resistance level at the time of writing. Uncertainty looms ahead of the ceasefire deadline on Wednesday....

Iran is yet to publicly announce whether it will send a delegation to Islamabad for US talks, as per the BBC, while US President Donald Trump has said that he "expects to be bombing" if progress is not made regarding the peace talks. US Vice President JD Vance was expected to leave for Pakistan on Tuesday but has reportedly delayed his departure. Meanwhile, the US military stopped and boarded a sanctioned tanker in the Indian Ocean carrying oil from Iran, as per the Pentagon. Moreover, President Trump said that the US was considering offering financial support to the UAE amid the economic fallout it has faced from the war in Iran. In other news, the European Union will provide guidance to airlines on how to handle issues such as airport slots, passenger rights and public service obligations in the event of jet fuel shortages, as per transport chief Apostolos Tzitzikostas, although he stressed there were no shortages "as of today". Finally, at the time of writing, the Jun/Jul'26 and Jun/Dec'26 Brent futures spread stands at $5.05/bbl and $16.36/bbl, respectively.

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