Oil Enters High-Stakes Week as Hormuz Disruptions Collide With Ceasefire Deadline

Crude markets head into a critical stretch with volatility centered on the Strait of Hormuz and a looming U.S.-Iran ceasefire deadline. WTI was last at $82.59 after sliding more than 10% on Friday, following Iran's move to reopen the strait. That relief proved short-lived after Iran reinstated restrictions on Saturday. The U.S.-Iran ceasefire is set to expire Tuesday, April 21. Goldman Sachs said flows through Hormuz remain around 10% of normal levels, about 2.1 million barrels per day. The IEA has described the resumption of traffic as "the single most important variable" for global energy supply. Risk premiums were further amplified today after the USS Spruance seized a tanker, raising the geopolitical stakes at the start of the new trading week.