Oil Prices Fluctuate Amid Iran Conflict Tensions

Brent crude and WTI see-saw as potential ceasefire talks emerge, but gas prices continue rising in the U.S.

Apr. 6, 2026 at 1:41pm

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Oil prices seesawed on Monday as the market reacted to developments in the ongoing conflict between the U.S. and Iran. Brent crude jumped over $110 per barrel before retreating to around $108 on reports of potential ceasefire talks, while WTI crude remained above $110. However, gas and diesel prices at the pump in the U.S. continued to rise, hitting a national average of $4.12 and $5.62 per gallon respectively.

Why it matters

The volatility in oil prices reflects the high stakes and uncertainty surrounding the U.S.-Iran conflict, which has disrupted global energy supply and transportation. The rising fuel costs are putting pressure on consumers and the broader economy, with the potential for further price spikes if the conflict escalates.

The details

Brent crude, the global benchmark, saw significant price swings on Monday, jumping over $110 per barrel in Asian trading before falling back to around $108 after reports emerged of talks to establish a 45-day ceasefire. The U.S. benchmark WTI crude also remained elevated at over $110 per barrel, though the price differential with Brent narrowed due to concerns over transportation costs from the Strait of Hormuz blockade. Meanwhile, gas and diesel prices across the U.S. continued to rise, reaching a national average of $4.12 and $5.62 per gallon respectively, up 38% and 49% since the start of the conflict in late February.

  • On Monday, April 6, 2026, oil prices fluctuated in response to developments in the U.S.-Iran conflict.
  • Brent crude jumped over $110 per barrel in Asian trading before retreating to around $108.
  • WTI crude remained elevated at over $110 per barrel on Monday.

The players

Brent Crude

The global benchmark for crude oil prices.

WTI Crude

The U.S. benchmark for crude oil prices, typically cheaper than Brent.

Sushant Gupta

Research Director, Asia Pacific Refining and Oils at Wood Mackenzie, who commented on the volatility in oil prices.

Donald Trump

The U.S. President who threatened to obliterate Iranian power plants and bridges if Iran did not allow shipping to flow freely through the Strait of Hormuz.

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What they’re saying

“Oil prices would remain volatile, moving in step with developments, up with any sign of escalation and retreating when moves to end the war come to the fore.”

— Sushant Gupta, Research Director, Asia Pacific Refining and Oils at Wood Mackenzie

What’s next

President Donald Trump is scheduled to deliver a prime-time address to the nation from the White House on Wednesday, where he is expected to provide an update on the ongoing conflict with Iran.

The takeaway

The seesaw in oil prices reflects the high stakes and uncertainty surrounding the U.S.-Iran conflict, which has disrupted global energy supply and transportation. The rising fuel costs are putting pressure on consumers and the broader economy, underscoring the need for a diplomatic resolution to the crisis.