India Protests After Gunfire on Two Ships in Strait of Hormuz
Iran's parliament speaker Mohammad Bagher Ghalibaf stated that energy pricing is increasingly influenced by sentiment rather than fundamentals, as tensions in the Strait of Hormuz impact global supply chains. He criticized the concept of 'vibe-trading' in oil markets, suggesting that both oil and treasury markets are based on fragile assumptions. Iran's first vice president Mohammad Reza Aref noted that global fuel prices could stabilise only if sanctions on Iran were lifted. Oil prices rose significantly, with Brent crude exceeding $96 per barrel and US benchmark WTI nearing $90, amid fears of supply disruptions. This surge follows maritime incidents, including the seizure of an Iranian vessel by US forces, which has heightened tensions and complicated diplomatic efforts.
Published 2 days ago • 18 Apr 2026, 08:08 PM IST