Oil prices rose on Friday after two ultra large container vessels owned by China Ocean Shipping Company were stopped from passing through the Strait of Hormuz.
International benchmark Brent crude futures with May delivery increased by 2.82% to $111.06 per barrel, while U.S. West Texas Intermediate futures with May delivery also went up by 2.68% to $97.01.
This was the first attempt by a major container carrier to cross the sea route since the war started.
In a social media post, COSCO, the world’s fourth-largest shipping line by capacity, stated: “The developments overnight suggest the situation in the Strait of Hormuz remains highly unstable.”
The latest blockade occurs after President Trump’s decision to give Iran a 10-day extension to open the strategically important Strait, but it does not alleviate supply concerns.
The President wrote on Truth Social, “As per Iranian Government request, please let this statement serve to represent that I am pausing the period of Energy Plant destruction by 10 Days to Monday, April 6, 2026, at 8 P.M., Eastern Time. Talks are ongoing and, despite erroneous statements to the contrary by the Fake News Media, and others, they are going very well. Thank you for your attention to this matter!”
During a Cabinet meeting on Thursday, Trump stated that Iran had permitted 10 oil tankers to cross the Strait of Hormuz this week as a “present” to the U.S.
The president’s announcement followed the S&P 500’s largest one-day decline in over two months.
By CEO NA Editorial Staff
