Brent crude settled at $105.33 a barrel on Friday April 25, 2026, with WTI at $94.40, capping a week of substantial gains as the closure of the Strait of Hormuz forced Gulf producers into emergency supply cuts. The Energy Information Administration described the resulting price action as “extreme market tightness” in the very short term, visible in a sharply backwardated Brent curve as refiners scrambled for prompt cargoes.
Gulf Producers in Lockdown
The supply shock is staggering. Iraq, Saudi Arabia, Kuwait, UAE, Qatar and Bahrain collectively shut in 7.5 million barrels per day of crude in March, with April shut-ins projected to climb to 9.1 million b/d as tankers struggle to clear the chokepoint.
Equities Shrug It Off
Wall Street, oddly, looked through the disruption. The S&P 500 closed Friday at a record 7,165.08 and the Nasdaq at 24,836.60, helped by hopes of restarted US-Iran talks (later dashed) and the DOJ dropping its probe into Fed Chair Powell.
- Brent: $105.33
- WTI: $94.40
- Gulf shut-ins (April): 9.1m b/d projected
- Fed funds: 3.50%–3.75%, hold
JPMorgan reiterated its $6,300/oz year-end gold target into the weekend; spot gold sat near $4,710 after a sharp weekly correction in India.
Why It Matters for Ghana
Brent above $100 keeps imported pressure on Ghana’s pump prices and the IMF-supported budget. The Mahama administration’s earlier GH₵2.00/litre diesel absorption move remains the most visible cushion against the shock.
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