# Oil price today is rising at an extraordinary pace across global energy markets.

*business · news · 2026-04-09 · The Economic Times*

## Key points

- Brent crude jumped over 12% in 24 hours, nearing the $100-per-barrel mark.
- Iran has restricted Strait of Hormuz passage to 15 vessels daily, just 10% of normal traffic.
- Algorithmic trading and hedge fund positioning are amplifying oil price volatility beyond fundamentals.
- Oil prices and the US dollar are now moving in near-record correlation amid geopolitical uncertainty.
- Strikes in Lebanon and Iran's threats of retaliation are intensifying market fears of wider conflict.

**Countries:** United States, Iran

[Read the full story on The Economic Times](https://economictimes.indiatimes.com/news/international/us/whats-happening-with-wti-and-brent-crude-oil-today-why-oil-prices-are-surging-1-every-hour-and-will-brent-cross-110-next-heres-the-current-brent-crude-oil-price-outlook-and-forecast/articleshow/130148172.cms)

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