U.S. crude oil benchmarks posted their biggest weekly gain since early March, with West Texas Intermediate up 13% and Brent up roughly 18% on the week ending Friday, April 24, 2026. The rally was driven by the persistent closure of the Strait of Hormuz, the continuing U.S. naval blockade of Iranian ports, and growing recognition that diplomatic resolution remains weeks or months away.
Friday’s session ended with WTI settling at $94.70 per barrel after slipping 1.51% on news that the White House would send envoys Steve Witkoff and Jared Kushner to Pakistan for second-round talks with Iran. Brent crude futures slipped to $104.40 per barrel, reversing earlier gains and snapping a four-session winning streak as hopes of diplomatic progress briefly improved sentiment. By Saturday those hopes had collapsed when Trump cancelled the U.S. envoys’ trip.
The week’s 13% WTI gain reflects how thoroughly geopolitical risk has come to dominate fundamental supply-demand factors in oil pricing. Analysts at Goldman Sachs, Morgan Stanley, and Citigroup have all noted that the typical correlation between U.S. inventory data and crude prices has weakened significantly since the conflict began, with each Hormuz development moving prices by margins that dwarf weekly stockpile reports.
“Oil markets have entered a geopolitically driven regime where supply disruption fears, particularly around the Strait of Hormuz, are overriding traditional fundamentals and fueling volatility,” one major investment bank wrote in a note to clients this week. Options markets reflect this view: implied volatility on near-term WTI contracts is at multi-year highs, and the skew on out-of-the-money calls remains pronounced.
OPEC+ has continued its planned April production increase of approximately 206,000 barrels per day despite the volatile environment. Saudi Arabia’s East-West Pipeline is operating at its full 5 million bpd capacity, providing the primary bypass around the Hormuz chokepoint. Other Gulf producers have effectively idled production that cannot reach export terminals.
Looking ahead to next week, traders are watching for any restart of formal U.S.-Iran talks, the next weekly EIA inventory report on Wednesday, and any Israeli or Iranian action that could expand the conflict. The most probable scenario remains continued elevated prices — analysts widely expect WTI to stay above $90 until diplomatic resolution becomes credible. For continuous market tracking, see our oil price dashboard.