The US Now Ships Oil to Australia as the Strait of Hormuz Crisis Escalates

WTI crude has surged from the mid-$60s in late February to $114.58 on April 7, 2026, before easing to about $95 by May 8 as markets price in supply disruption risk around the Strait of Hormuz. The move reflects heightened geopolitical risk rather than a fundamental demand shock, and it has already translated into a very large price swing of roughly $30-$50 per barrel from the February level.

Analysis

WTI crude has surged from the mid-$60s in late February to $114.58 on April 7, 2026, before easing to about $95 by May 8 as markets price in supply disruption risk around the Strait of Hormuz. The move reflects heightened geopolitical risk rather than a fundamental demand shock, and it has already translated into a very large price swing of roughly $30-$50 per barrel from the February level.