Oil prices fell below $100 after enforcement of a blockade of the Strait of Hormuz by the United States.

On April 14, 2026, global oil prices showed volatility, with crude initially surging past $100/barrel over geopolitical tensions before settling, while gasoline futures experienced slight daily decreases despite high year-over-year costs.

Regional differences are stark, reports show, with some areas report imminent major rollbacks while others face high costs due to conflict.

The vital shipping lane carrying 20% of global energy supplies, the Strait of Hormuz had been closed by Iran for more than a month after February 28 when the U.S. and Israel launched coordinated attacks on its military and economic infrastructure.

On April 7, 2026, the United States, Israel, and Iran agreed to a two-week ceasefire, brokered by Pakistan, to halt regional conflict and allow for negotiations. The agreement involved reopening the Strait of Hormuz, with the U.S. delaying military action. The temporary, 12-day ceasefire saw initial violations but generally held.

Three days ago, talks between the U.S. and Iran failed after intense 21 hours of in-person, due mainly to disagreement on the issue of control of the Strait of Hormuz and Iran’s nuclear ambitions.

Thousands took to the streets in Iranian capital Tehran to protest the blockade of the Strait of Hormuz. Iran called the blockage an act of piracy.

Diplomatic efforts to revive US-Iran talks continue, with Pakistan reportedly offering to host the next round of talks in Islamabad.

Chinese President Xi Jinping has shared a four-point proposal to bolster peace and stability in the Middle East, according to the official Xinhua news agency.

Xi shared the proposal during a meeting with Abu Dhabi Crown Prince Mohamed bin Zayed, Xinhua reported. It highlights the principles of “peaceful coexistence”, “national sovereignty”, and “international rule of law”, as well as the need for security and development coordination.

Meanwhile, reports show that U.S. Secretary of State Marco Rubio will host a meeting between the Israeli and Lebanon Ambassadors in Washington D.C., to launch direct negotiations between the two countries.

The talks came amidst continued escalations between Israel and Hezbollah and Israeli push into Southern Lebanon.