International Oil Prices Surge for Four Consecutive Sessions... Trump Says "No Need to Rush" (Comprehensive)
by Lee Hyunwoo
by Cha Minyoung
Published 24 Apr.2026 10:52(KST)
Updated 24 Apr.2026 15:54(KST)
Trump: "Time Is Not on Iran's Side"
Iran: "Hormuz Transit Fee Revenue Deposited"
Following the collapse of the second round of talks between the United States and Iran, international oil prices surged for a fourth consecutive trading day amid an unstable ceasefire. The price of Brent crude once again surpassed the $100-per-barrel threshold. As both countries continue to impose dual blockades around the Strait of Hormuz, concerns have resurfaced regarding a worsening supply-demand imbalance in the oil market. U.S. President Donald Trump hinted at strengthening counter-blockade measures, stating he is "not in a hurry" for negotiations, while Iran countered by saying it had deposited Strait of Hormuz passage fees into its central bank. As a result, upward pressure on international oil prices is expected to intensify.
Brent Crude Surpasses $100 Again... Fears of Prolonged Dual Blockade
On the 23rd (local time) at the New York Mercantile Exchange (NYMEX), the June contract for West Texas Intermediate (WTI) crude closed at $95.85 per barrel, up 3.11% from the previous session. At the London ICE Exchange, North Sea Brent crude also finished the day at $105.07 per barrel, up 3.10% from the previous day. Both WTI and Brent crude have risen for four consecutive trading days.
Since the final breakdown of the second round of talks between the U.S. and Iran on the 21st, both countries have ramped up efforts to blockade the Strait of Hormuz, reigniting concerns about deteriorating oil supply and demand. The New York Times (NYT), citing data from market research firm S&P Global Market Intelligence, reported that as of the 22nd, only one vessel passed through the Strait of Hormuz. Before the war, 130 ships passed through daily, and during the first round of talks between the U.S. and Iran, the number stood at 20 vessels per day.
Maisoon Kabbani, Senior Advisor for the Middle East Program at the U.S. think tank Atlantic Council, told CNBC, "This war has revealed just how great the risk of energy bottlenecks is when the strait is completely blockaded, and this is being reflected in oil prices," adding, "It is expected that there will be active investment in developing alternative routes and pipelines going forward."
Trump: "Time is Not on Iran's Side... Israel-Lebanon Ceasefire Extended"
Despite the sharp rise in international oil prices, President Trump maintained that he is not in a hurry. During a press conference at the White House, he stated, "Time is not on Iran's side," and added, "There is no need to rush. I want to make a great deal."
President Trump also announced that the ceasefire between Israel and Lebanon has been extended. He said that he presided over the second round of talks between Israel and Lebanon at the White House that day, stating, "The talks went very well, and both sides agreed to extend the ceasefire for three weeks. I expect that within the next few weeks, Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun will visit the White House."
He also emphasized that the U.S. will continue its blockade and pressure on Iran. President Trump stated, "We are implementing 100% effective blockade measures. Iran is not doing well financially or economically, and because of the blockade, they cannot do any business at all."
Prior to the press conference, President Trump posted on his social media platform Truth Social that he had "ordered the U.S. Navy to shoot and kill any vessel, no matter how small, attempting to lay mines in the strait."
Iran: "Hormuz Passage Fees Deposited in Central Bank"... Reports of Internal Discord Over Strait Blockade
Iran announced that it had deposited the revenue from Strait of Hormuz passage fees into its central bank. This is an assertion that the passage fees collected from the blockade will be treated as official government revenue, signifying a determination to continue the blockade despite U.S. pressure.
According to Iran's Fars News Agency, "Hamidreza Haji Babaei, Deputy Speaker of the Iranian Parliament, announced that the first income from Hormuz passage fees has been deposited in the central bank," adding that "the deposit was made in cash." It was also reported that the Iranian government has nearly completed legislation concerning the imposition and management of Hormuz passage fees. However, the specific amount deposited and the identities of those who paid were not disclosed.
Nevertheless, there are reports of internal discord within Iran regarding the blockade of the Strait of Hormuz and the issue of passage fees. On this day, Israel's Channel 12, citing sources, reported, "Iranian Parliamentary Speaker Mohammad Bagher Ghalibaf has resigned as head of the negotiation delegation with the United States," explaining that "the resignation appears to have been prompted by intensifying conflict between hardliners and others over Qatar's proposed plan to ease tensions in the Strait of Hormuz."
According to Channel 12, the Qatari government previously proposed allowing 20 Iranian vessels and 20 Gulf state vessels to pass through the Strait of Hormuz, but the hardliners in Iran opposed the plan, resulting in its failure.
The Iranian government has not issued an official statement regarding this matter. In relation to this, President Trump stated on the 21st that there is serious division between Iran's hardline military and moderate negotiating team, and announced that the ceasefire would be extended at the request of mediator Pakistan.
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