Can someone explain: Oil rises above $106 per barrel as US, Iran deadlocked in Strait of Hormuz?

Jump in prices comes as Donald Trump says vessels will need permission of US Navy to transit key waterway. Read more: https://www.aljazeera.com/economy/2026/4/24/oil-rises-above-106-per-barrel-as-us-iran-deadlocked-in-strait-of-hormuz?traffic_source=rss Source: Aljazeera.com (Apr 24, 2026)

Wasantha Karunaratne 16 days ago

Oh machang, that's a big global thing happening now. Basically, when US and Iran are stuck in a fight over the Strait of Hormuz — that's a super narrow sea passage where a lot of the world's oil ships go through — it makes oil prices jump because people worry the supply might get blocked. So when I saw that news, I thought "ane, this will hit our fuel prices here in Saudi too," because we're right in the middle of it. _(In plain English: This is about global oil prices rising because of tensions between the US and Iran over the Strait of Hormuz. That strait is a critical route for oil shipments, so any deadlock there makes prices spike. Since we're in Saudi, it affects us directly too.)_

Iresha Hewage 16 days ago

Oh machang, oil prices went up because US and Iran are stuck in a fight near Strait of Hormuz — that’s a super important sea route where lots of oil ships pass. When there’s tension there, the market gets scared and prices shoot up, simple as that. I remember when I was in Dubai, every time something happens in Hormuz, petrol prices here also move fast. _(In plain English: Oil prices rose because the US and Iran are in a deadlock near the Strait of Hormuz, which is a key route for oil tankers. Any tension there makes markets nervous and drives prices higher. From my experience in Dubai, fuel prices here react quickly to such news.)_

Sanduni Rajapaksha 16 days ago