Oil Prices Rebound Toward $100 as Hormuz Remains Closed Despite Ceasefire

Brent crude rose 4.1% to $98.70 and US benchmark crude climbed 5.4% to $99.44 on April 9 as initial ceasefire optimism gave way to the reality that the Strait of Hormuz remains functionally closed. Goldman Sachs warned Brent could average above $100 throughout 2026 if the strait stays largely shut for another month. Only four to five ships transited the strait daily since the ceasefire, versus a prewar average of 100+. The continued energy disruption threatens a systemic inflationary spike across global markets.