Oil and Gas Rise as Hormuz Tensions Flare Ahead of Iran Deadline

US President Donald Trump said he’ll send representatives to Pakistan for talks to end the Iran war on Monday evening, while again threatening to strike civilian infrastructure if Tehran doesn’t agree to a deal. Axios White House Reporter Marc Caputo and Atlantic Staff Writer Nancy Youssef join David Gura and Christina Ruffini on Bloomberg This Weekend to discuss.Source: Bloomberg

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By Bloomberg News

April 19, 2026 at 10:03 PM UTC

Updated on

April 20, 2026 at 7:25 PM UTC

Oil and natural gas prices jumped after renewed risks to energy flows via the Strait of Hormuz threatened to jeopardize much-anticipated peace talks between the US and Iran.

Brent oil futures rose 5.6% to settle near $95.50 a barrel, while European gas climbed as much as 11%, before retracing. Traffic through the key water waterway remains at a virtual standstill, even after a Friday session marked by optimism over a near-term resolution and as both countries claimed that a fragile ceasefire agreement had been violated.