Oil prices rise after reports of container ships in Hormuz being hit by gunfire

23/04/2026 01:31 AST

Oil ?prices jumped on Wednesday with Brent trading above $100 a barrel, erasing earlier losses following reports of gunfire attacks on at least three container ships in the Strait of Hormuz.

Brent crude futures were up $1.59, or 1.6 percent, at $100.07 a barrel at 11:42 a.m. Saudi time. West Texas Intermediate futures rose $1.51, or 1.7 percent, to $91.18. Both benchmark contracts rose about 3 percent on Tuesday.

At least three container ships were hit by gunfire in the Strait of Hormuz ?on Wednesday, ?maritime security sources and the UK Maritime ?Trade ?Operations ?said.

Iran ?has imposed ?restrictions on ships using the strait, first in retaliation for the US-Israeli bombardment of the country, and then in response to a US blockade of Iranian ports.

Earlier, US President Donald Trump had said he would indefinitely extend the ceasefire with Iran, hours before its expiry, to allow talks to continue to end a war that has killed thousands and shaken the global ?economy.

The ?announcement appeared to be unilateral, and ?it was not immediately clear whether Iran, or ?US ally Israel, would agree to extend ?the truce, which began two weeks ago.

There was no immediate ?comment from Iran's most senior leaders on Trump's ceasefire extension.

The Strait of Hormuz, until the Iran war began at the end of February, was the channel for about 20 percent of global oil and liquefied natural gas supplies.

In Europe, Ukrainian President ?Volodymyr Zelensky said the Druzhba oil pipeline pumping Russian oil is ready to resume operation. Three industry sources, ?however, said ?Russia is set to stop oil exports from Kazakhstan to Germany via the Druzhba pipeline starting on May 1.

Later on Wednesday, the US Energy Information Administration will publish inventory data. Crude oil inventory fell by 4.5 million barrels last week, while gasoline and distillate stocks also declined, market sources said, citing American Petroleum Institute figures.

Analysts estimated a 1.2 million-barrel draw of crude for the week ended April 17.

"If the EIA confirms the draws and US weekly exports of both crude oil and refined products remain robust, this will be taken as confirmation that consumers in ?Europe and the Far East are ?scrambling to secure oil supplies wherever, whenever, and however they can," PVM analysts said.

Reuters