Oil Extends Gain as Hormuz Traffic Grinds to a Halt
Speakers
Stephen Stapczynski
— Asia Energy Coverage, Bloomberg
Summary
Oil prices extended gains as Strait of Hormuz traffic halted due to US-Iran standoff. Stephen Stapczynski discusses the blockade, potential escalation, and the impact on oil and LNG supplies. He notes that Brent could rise to $120 if conflict widens, and that LNG shipments through the strait have completely stopped.
- Oil prices rise for fourth day amid Strait of Hormuz closure.
- US and Iran locked in standoff over waterway.
- Stephen Stapczynski reports on the blockade and market monitoring.
- Brent crude could target $120 if regional conflict escalates.
- No LNG tankers have passed through the strait since late February.
- 20% of global LNG supply normally transits the strait.
- Traders focus on whether Iran can bypass US blockade.
- Escalation risk includes attacks on Saudi and Qatar energy infrastructure.
Trade Ideas
Brent could rise to $120 on escalation.
If the conflict escalates to a wider regional conflict with attacks on Saudi and Qatar energy infrastructure, Brent crude could rise to the highs of last month around $120 per barrel, compared to current levels near $100.
LNG supply disruption significant to monitor.
The Strait of Hormuz closure has halted all LNG tanker traffic since late February, cutting off 20% of global LNG supply. The supply loss is massive and traders should monitor for potential price impacts if the disruption continues.
Up Next
This Bloomberg Markets video, published April 23, 2026, features Stephen Stapczynski discussing BNO, LNG. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Stephen Stapczynski · Tickers: BNO, LNG