Tensions between the U.S. and Iran escalated on April 23, 2026. Iran maintained its closure of the Strait of Hormuz.
The U.S. military confirmed it seized an oil tanker associated with Iran. President Trump ordered the U.S. Navy to target Iranian boats attempting to lay mines.
The Strait of Hormuz facilitates approximately 20% of global oil transit. Brent crude prices surged past $103 per barrel. Market reports indicate oil prices reached a peak of $105.
American Airlines cut its financial outlook citing rising jet fuel costs.