Oil prices climb, but stay below $100, after U.S. Iran blockade fully implemented in Oil & Companies News 15/04/2026 Oil prices rose on Wednesday, but remained below the $100 a barrel threshold, as investors gauged a U.S. naval blockade on Iran against hopes for more ceasefire talks. Brent crude futures, the global oil benchmark, gained 1.5% to $96.19 a barrel, while West Texas Intermediate crude futures advanced 1.2% to $92.35 a barrel by 05:55 ET (09:55 GMT). Oil prices were nursing steep losses this week, largely due to markets pricing in optimism around potential renewed negotiations to secure a permanent end to Iran war. Demand forecast cuts by the IEA and the OPEC also weighed on sentiment. US Central Command says Iran blockade fully implemented U.S. Central Command said in a social media post that a blockade of Iranian ports had been “fully implemented,” and that U.S. forces have “completely halted economic trade going into and out of Iran by sea.” The U.S. began its naval blockade earlier this week, reportedly with the aim of further pressuring Tehran into accepting a ceasefire deal. U.S.-Iran talks in Pakistan ended with no agreement, although experts had suggested that the chances of a deal being forged in such a short period of time was unlikely. The blockade stands to further increase shipping disruptions in the Strait of Hormuz, especially if Tehran retaliates against the move with military force. The strait is a key point of focus in the Iran war, with Tehran having effectively shuttered the channel in response to U.S.-Israeli hostilities in late-February. The narrow waterway supplies roughly 20% of the world’s oil, with several Asia-Pacific countries heavily dependent on flows through the chokepoint. Disruptions in the strait caused oil prices to spike to as high as almost $120 a barrels in March, compared to pre-war levels of around $70 a barrel. ANZ analysts estimated at least 10 million barrels per day of supply have been cut off by the conflict. “Tight balances alone are sufficient to sustain the price of Brent near or above recent threshold levels. The longer the conflict drags on, the more persistent these price dynamics are likely to be,” ANZ analysts said in a note. Trump flags more Iran talks, claims war close to over U.S. President Donald Trump has suggested that the U.S. war with Iran may be coming to a conclusion soon, even as the American military says an ongoing naval blockade has restricted shipping traffic in and out of Iran. Speaking to Sky News in the U.K., Trump said it was “very possible” that a permanent ceasefire agreement with Iran could be reached prior to the visit of King Charles later this month. He added that Iran has been “beaten up pretty bad.” Earlier, Trump told Maria Bartiromo of Fox News that the conflict, which began with joint U.S. and Israeli strikes on Iran in late February, is “close to over.” The New York Post also reported that Trump expects temporary U.S.-Iran ceasefire talks to resume in the next two days, following a first round talks in Pakistan last weekend. Trump has repeatedly claimed that the fighting is nearing an end and that the U.S. had achieved its objectives in Iran, including hampering Tehran’s nuclear ambitions and limiting its military capabilities. Iran has largely denied these claims. The U.S. and Iran agreed to a tenuous two-week ceasefire until April 21. Hopes for de-escalation in the Middle East were furthered by Israel and Lebanon holding their first direct t