{"id":32486,"date":"2026-04-20T10:45:22","date_gmt":"2026-04-20T08:45:22","guid":{"rendered":"https:\/\/www.channelafrica.co.za\/channelafrica\/?post_type=news&#038;p=32486"},"modified":"2026-04-20T10:45:22","modified_gmt":"2026-04-20T08:45:22","slug":"oil-prices-rise-6-on-fears-of-us-iran-ceasefire-collapse","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/oil-prices-rise-6-on-fears-of-us-iran-ceasefire-collapse\/","title":{"rendered":"Oil prices rise 6% on fears of US, Iran ceasefire collapse"},"content":{"rendered":"<div>\n<p class=\"x_MsoNormal\">Oil prices jumped more than 6% in \u200cearly Monday trading on fears that the ceasefire between the United States (US) and Iran could collapse after the US seized an Iranian cargo ship and traffic through the Strait of Hormuz remained largely halted.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">Brent crude \u200bfutures advanced $5.51, or 6.1%, to $95.89 a barrel US West \u200bTexas Intermediate was up $5.46, or 6.5%, at $89.31.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">Both contracts tumbled by 9% on \u2060Friday, their largest daily declines since April 18, after Iran said that passage for all commercial \u200bvessels through the Strait of Hormuz was open for the remainder of the ceasefire.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">US President \u200bDonald Trump, meanwhile, said that Iran had agreed never again to close the strait through which about a fifth of the world&#8217;s oil supply passed before the war began almost two months ago.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">&#8220;Within 24 hours \u200bof Friday&#8217;s &#8216;completely open&#8217; announcement, there were already tankers that were fired upon by the Islamic \u200bRevolutionary Guard Corps (IRGC),&#8221; said Sparta Commodities analyst June Goh.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">&#8220;Market fundamentals are getting worse, as 10 to 11 million barrels \u200cper \u2060day of crude oil remains shut in,&#8221; Goh added, referring to losses in oil production.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">The US said on Sunday that it had seized an Iranian cargo ship that tried to break through its blockade while Iran said it would retaliate, heightening fears of a resumption \u200bin hostilities.<\/p>\n<\/div>\n<div>\n<p class=\"x_MsoNormal\">&#8211;Reuters&#8211;<\/p>\n<\/div>\n","protected":false},"featured_media":20458,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-32486","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"","published_date":"","news_description":"Oil prices jumped more than 6% in \u200cearly Monday","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/32486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/32486\/revisions"}],"predecessor-version":[{"id":32487,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/32486\/revisions\/32487"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/20458"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=32486"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=32486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}