Finance
Oil Prices Edge Lower With No Progress on US-Iran Talks, Hormuz Shipping Still Disrupted
Published by Global Banking & Finance Review®
Posted on April 23, 2026
3 min readLast updated: April 23, 2026
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Oil prices slipped slightly on April 23, 2026, as U.S.–Iran talks remain stalled and shipping through the Strait of Hormuz stays disrupted, despite U.S. extending a ceasefire. U.S. gasoline and distillate inventory draws had driven gains the prior session, while crude exports hit a record high.
Oil Prices Slip Amid Ongoing US-Iran Tensions and Hormuz Shipping Disruptions
Market Reactions and Geopolitical Developments
By Arathy Somasekhar
April 23 (Reuters) - Oil prices were marginally lower on Thursday after big gains in the previous session amid the stalled peace talks between Iran and the United States, and as both nations maintained restrictions on the flow of trade through the Strait of Hormuz.
Oil Price Movements
Brent crude futures <LCOc1> fell 15 cents to $101.76 a barrel, after settling above $100 for the first time in more than two weeks on Wednesday. West Texas Intermediate futures <CLc1> fell 14 cents to $92.82.
Both benchmarks closed more than $3 higher on Wednesday after larger-than-expected gasoline and distillate stock draws in the U.S., and over the lack of progress on peace talks.
US-Iran Tensions and Strait of Hormuz Disruptions
Ceasefire Developments
While U.S. President Donald Trump extended a ceasefire between the countries following a request by Pakistani mediators, Iran and the U.S. are still restricting the transit of ships through the Strait of Hormuz. The Strait carried about 20% of daily global oil and liquefied natural gas supplies until the war began at the end of February with attacks by the U.S. and Israel on Iran.
Seizures and Blockades
Iran seized two ships in the Strait of Hormuz on Wednesday, tightening its grip on the strategic waterway. Trump has also maintained a U.S. Navy blockade of Iran's trade by sea, and Iranian parliament speaker and top negotiator Mohammad Baqer Qalibaf said a full ceasefire only made sense if the blockade was lifted.
US Military Actions
The U.S. military has intercepted at least three Iranian-flagged tankers in Asian waters and is redirecting them away from positions near India, Malaysia and Sri Lanka, shipping and security sources said on Wednesday.
Ceasefire Extension and Uncertainty
With his extension of the ceasefire on Tuesday, Trump again pulled back at the last moment from warnings to bomb Iran's power plants and bridges. Trump has not set an end date for the extended ceasefire, White House press secretary Karoline Leavitt told reporters.
US Oil Export and Inventory Data
Record High Exports
U.S. EXPORTS SET A RECORD HIGH
Total exports of crude oil and petroleum products from the United States climbed by 137,000 barrels per day to a record 12.88 million bpd as Asian and European countries bought up supplies after disruptions tied to the Iran war.
Inventory Changes
U.S. crude stocks rose while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. [EIA/S]
Crude inventories rose by 1.9 million barrels, compared with expectations in a Reuters poll for a 1.2 million-barrel draw.
U.S. gasoline stocks fell by 4.6 million barrels, while analysts had expected a 1.5 million-barrel draw. Distillate stockpiles dropped by 3.4 million barrels versus expectations for a 2.5 million-barrel drop.
Reporting
(Reporting by Arathy Somasekhar; Editing by Tom Hogue)
Key Takeaways
- •Brent crude dipped to $101.76/bbl and WTI to $92.82/bbl amid no progress in U.S.–Iran negotiations and continued Hormuz disruptions, following strong gains the prior day due to major U.S. gasoline and distillate stock draws.
- •Shipping through the Strait of Hormuz remains heavily constrained—with Iran seizing ships and U.S. naval blockade ongoing—cutting off a key route that once carried roughly 20% of global traded oil (apnews.com).
- •U.S. crude and product exports soared to a record 12.88 million barrels per day, compensating partly for Middle East supply bottlenecks, even as U.S. crude stocks rose modestly and gasoline and distillate inventories dropped more than expected (apnews.com).
References
Frequently Asked Questions about Oil prices edge lower with no progress on US-Iran talks, Hormuz shipping still disrupted
1Why are oil prices edging lower despite previous gains?
Oil prices are slightly lower due to stalled US-Iran peace talks and continued shipping disruptions in the Strait of Hormuz.
2What is the significance of the Strait of Hormuz for oil trade?
The Strait of Hormuz is a key route, carrying about 20% of daily global oil and liquefied natural gas supplies.
3How have US oil exports been affected by the ongoing conflict?
US crude oil and petroleum product exports rose to a record 12.88 million barrels per day as global buyers sought alternative supplies.
4What changes were reported in US fuel inventories?
US crude inventories rose, while gasoline and distillate stockpiles fell more than expected, according to the EIA.
5What actions has Iran taken in the Strait of Hormuz?
Iran has seized two ships in the Strait, increasing control over the strategic waterway amid the conflict.