Oil prices are on the rise again

11 April 2026

Lerato Khumalo

Iran’s still strict control in the Strait of Hormuz enabled oil prices to start Friday with an increase. Brent oil is trading at $97, up 1.88 percent on Friday.

Speaking to Russia’s news agency yesterday, Iranian officials said that 15 ships would be allowed to pass through the strait a day. This increased concerns about oil supply. On the other hand, oil prices increased when the daily production record of 700 thousand barrels in Saudi Arabia was added.

Still, prices continue to hover below $100. Weekly loss in Brent oil is over 10 percent…

All eyes on oil prices will continue to be on the developments in the Strait of Hormuz after the ceasefire agreement.

Lerato Khumalo

As the editor-in-chief of Tuugo, I have dedicated over ten years to analyzing global economic dynamics and sharing insightful perspectives with our readers. My journey has allowed me to gain a deep understanding of contemporary economic issues and translate them into rigorous and balanced reports. I strive to promote constructive dialogue and a better understanding of current economic realities.