Global oil prices surged sharply on April 20, 2026.
Crude oil rose by about 6 percent and approached the US$100-per-barrel mark again.
This increase came just one day after prices had fallen by 9 percent on hopes of a ceasefire between the United States and Iran.
The latest spike was triggered by market concerns that the peace agreement was beginning to falter.
Over the weekend, Washington and Tehran accused each other of violating the ceasefire.
Tensions also escalated following an incident involving the targeting of a ship in the Strait of Hormuz.
These developments have sparked new concerns about potential disruptions to the global energy supply.
The Strait of Hormuz is a vital shipping route for global oil distribution.
If security conditions in the region deteriorate, oil shipments could be disrupted and global supplies could shrink.
This situation has the potential to drive oil prices even higher.
Analysts believe that geopolitical uncertainty in the Middle East remains the primary factor causing the oil market to be highly volatile.
As long as there is no certainty regarding peace between the United States and Iran, crude oil prices are expected to remain volatile and likely stay high.