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Oil prices rise over 1% amid Middle East tensions despite Israel-Lebanon ceasefire extension

Market News
23 Apr 2026
CNBC
View Source
Bearish
pluang ai news

Oil prices increased by over 1% on Friday as ongoing Middle East conflicts, including naval blockades in the Strait of Hormuz, continue to raise energy supply concerns. Despite Israel and Lebanon agreeing to extend their ceasefire after talks at the White House, tensions remain high with both the U.S. and Iran seizing ships and the vital Hormuz Strait remaining closed. This blockade disrupts about 20 million barrels of daily oil shipments, escalating economic costs and the risk of military conflict. Experts warn this situation poses the largest energy security threat in history, urging governments to seek alternative energy sources to mitigate the crisis.

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