Oil prices spike to $104 WTI on CENTCOM naval blockade announcement

Oil prices jumped 7 to 8 percent within hours of CENTCOM's naval blockade announcement, with West Texas Intermediate crude hitting $104.24 per barrel and Brent crude reaching $102.29. The price surge reversed most of the decline that followed the April 7 ceasefire, when oil had fallen more than 14 percent. WTI had traded near $70 per barrel before the Iran conflict began in late February 2026.