Oil latest sky news10 Apr 2026 07:39
No drop in oil prices - and the reason behind it is no secret
By Sarah Taaffe-Maguire, business and economics reporter
It's day two of the fragile ceasefire between the US, Israel and Iran and there's still been no major fall in the cost of oil.
The benchmark oil price, a barrel of Brent crude, is around $96.50, still way above the 2025 average of $69.
It's no secret why: the key issue of the Strait of Hormuz is yet to be resolved.
Normal flow of oil and gas tankers through this crucial waterway, where a fifth of global fossil fuel production once transited, has yet to resume.