Global oil prices surge amid reports of Strait of Hormuz blockade

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Global oil prices surge amid reports of Strait of Hormuz blockade

|April 14, 2026

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Global oil prices have risen sharply following reports of a potential blockade of the Strait of Hormuz by the United States.

The price of Brent crude increased by $7, surpassing $102 per barrel. Meanwhile, West Texas Intermediate (WTI) crude also climbed by around $6.50, reaching approximately $103 per barrel.

Insurance premiums for ships operating in the Gulf have surged by up to 1,000 percent. For example, an oil tanker valued at $150 million now requires an insurance premium of about $7.5 million.

At the same time, global demand for alternative energy sources is increasing as countries look beyond oil. China has taken a leading role in this shift, with exports from Chinese renewable energy companies rising by 57 percent.

Meanwhile, OPEC has also expressed concerns that global demand for oil may decline in the future.

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