Brent Crude Surges to $106 as Iran Rejects Talks, 2,000 Vessels and 20,000 Seafarers Stranded at Hormuz

Brent crude surged 3.8% to $106.12/bbl with WTI climbing 3.6% to $93.61 after Iran rejected direct US peace talks, renewing fears the Strait of Hormuz disruption will persist through Q2. The $12.45 Brent-WTI spread reflects the acute premium for waterborne crude while Middle East shipping lanes remain contested. The IMO confirmed approximately 2,000 ships and 20,000 seafarers remain stranded with emergency evacuation plans in preparation. 18 commercial ships in the Persian Gulf have been targeted in strikes since the conflict began, killing seven seafarers. Insurance premiums for Gulf-bound vessels have tripled since March 1.