As the standoff between Iran and the US prevented tankers from using the Strait of Hormuz, the oil prices stage a rebound followed by the fresh accusations from both the countries, blaming the other for violating the ceasefire by targeting ships over the weekend. The price of US crude oil increased 6.4% to $87.88 per barrel after trading resumed on the Chicago Mercantile Exchange. The price of Brent crude, the international standard, climbed 6.5% to $96.25 per barrel.
US President Donald Trump on Sunday said that American forces had seized an Iranian cargo ship attempting to breach its blockade.
Last week, the oil prices witnessed fluctuations due to the frequent change in the status of the Strait of Hormuz. On Friday, Iran said that it would fully reopen the passage off its coast to commercial traffic. Crude prices plunged more than 9% on the news.
The uncertainty over theUS-Iran talksover the war has intensified with conflicting signals. While US President Donald Trump has said American negotiators are set to engage Iran, Tehran has denied agreeing to any such meeting, dismissing reports as false.
The Strait of Hormuz is a narrow waterway that connects the Persian Gulf to the Gulf of Oman, and about 20-25 per cent of the world's total oil passes through it. Hundreds of vessels have been stranded in the region since the beginning of the US-Israel-Iran war on February 28.
How Indian Stock Markets will react?
At the Indian Stock Market, investor sentiments is set to remain cautious. GIFT Nifty traded higher on Monday, indicating a mildly positive start for Indian markets.
Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Limited said, "Indian equity markets are expected to open on a mildly positive note on Monday (20th April 2026), supported by firm global cues and a rise in GIFT Nifty. GIFT Nifty is currently trading around 24,473, up by 53 points, indicating a positive start for domestic benchmark indices. Early trends also suggest a steady undertone as global equities remain stable and crude oil volatility has eased."
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