April 24, 2026/Oilprice.com

Tom Kool
Editor, Oilprice.com

Oil prices are heading for a sharp weekly gain, with Brent steady at $105, but renewed hopes for U.S.-Iran diplomacy are capping further upside and keeping markets below the $110 threshold.

Friday, April 24, 2026

As crude oil prices are set for a hefty $15 per barrel weekly gain, seeing ICE Brent back at $105 per barrel, oil markets are nevertheless closing the week on a hopeful note, with Iran’s Foreign Minister believed to travel to Pakistan over the weekend. Even if through indirect talks, the fact that diplomacy is still an option between the US and Iran has largely prevented a Brent breakout above $110 per barrel this week, with WTI rolling over into its June contract $10 per barrel below the global benchmark.

Iran Seizes Container Tankers After Talks Fail. Iran’s Islamic Revolutionary Guard Corps seized two container ships – MSC Francesca and Epaminondas – following the US’ seizure of the Iranian cargo ship Touska, putting a drastic halt to attempts to pass through the Strait of Hormuz by non-oil tankers.

Ukraine Restarts Druzhba Flows to Europe. Ukraine has restarted Russian crude oil flows through the Druzhba pipeline after a three-month-long halt, immediately after Slovakia and Hungary lifted their vetoes on a $105 billion EU loan needed to cover Kyiv’s government expenses, easing oil shortages. 

BP’s New Board Fails to Garner Support. BP’s new chief executive Meg O’Neill and board chair Albert Manifold failed to get shareholder backing for two proposed resolutions at Thursday’s annual general meeting, one of which sought to scrap previously adopted company-specific climate disclosures. 

Brussels Adopts 20th Sanctions Package on Russia. The European Union has formally adopted its 20th package of sanctions against Russia, adding 46 tankers to its shadow fleet list, banning transactions with the ports of Murmansk and Tuapse and introducing a ‘no-Russia’ clause for upcoming tanker sales.

Golden Pass LNG Exports First Cargo. Golden Pass LNG, a joint venture between QatarEnergy and ExxonMobil (NYSE:XOM), has exported its first ever cargo this week, with the Qatari-owned tanker Al Qaiyyahal departing for Belgium, delivering some of QE’s contracted volumes under term commitments. 

Canada’s IEA Release Promise Falls Flat. Canada’s pledge to supply an additional 23.6 million barrels of crude oil, promised as part of Ottawa’s IEA strategic petroleum release, turned out to be natural output growth that was already anticipated for the summer of 2026, regardless of the US-Iran crisis. 

European Refiners Mop Up US SPRs. With the US government so far releasing 79.7 million barrels to 12 companies, at least 4 million barrels of crude are currently sailing from the Gulf Coast to Europe, including a giant VLCC carrying 2 million barrels of Bryan Mound medium sour crude to Rotterdam.  

Mexico Starts Sending Oil to Japan. Mexico’s President Claudia Sheinbaum announced that the country’s state oil company Pemex will start exporting crude oil to energy-deprived Japan, starting off with 1 million barrels after flows between the two countries ground to a halt in October 2023. 

BP’s Whiting Refinery Lockout Continues. As contract talks between UK oil major BP (NYSE:BP) and workers at the 440,000 b/d Whiting refinery in Indiana hit an impasse, the Midwest’s largest refinery enters its second month of lockout, with output secured due to BP’s bringing in temporary workers. 

Pakistan Returns to LNG Markets. Pakistan has issued its first spot LNG tender since December 2023 after the closure of the Strait of Hormuz blocked it from receiving Qatari supplies, looking for extremely prompt cargoes in late April and early May as JKM prices continue to trade around $17 per MMBtu.  

Japan Plans Second Wave of SPR Releases. The world’s most import-dependent major consumer, Japan, plans to start the second round of its SPR releases from May 1, pledging to offer 36 million barrels to the country’s refiners after this month’s 80-million-barrel release, the largest SPR drawdown globally so far. 

White House Extends Jones Act by 90 Days. The Trump administration has extended by 90 days a waiver of the Jones Act, allowing foreign-flagged ships to carry crude, products and fertilizers between US ports through mid-August, having already allowed shipments on 15 vessels since mid-March. 

Gulf Production to Take Months to Recover. According to Goldman Sachs, production from Gulf countries will take several months to recover after the Strait of Hormuz is reopened, estimating that roughly 14.5 million b/d of the region’s oil production is currently offline, 57% of its pre-war supply. 

Indonesia Locks in Giant Russian Supply Deal. Indonesia’s Energy Ministry announced a deal to import 150 million barrels of crude oil from Russia in 2026, equivalent to 600,000 b/d of supplies even though the country’s refiners have so far bought only one cargo this year, aiming for a similar LPG deal soon.

US-EU Wrapping Up Strategic Minerals Partnership. The United States and the European Union will be signing a memorandum of understanding on Friday for a potential strategic partnership on critical minerals, agreeing on minimum price guarantees to compete with dominant Chinese suppliers.