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Iran Conflict 2026
10APR

Brent closes at $105.73, dark activity rises

2 min read
08:05UTC

Brent crude broke back above $100 on Friday and closed at a new post-extension high. Windward logged nine Hormuz transits against a pre-war baseline above 100.

ConflictDeveloping
Key takeaway

Brent retakes $100 as dark activity grows on collapsed transit volumes.

Brent Crude traded above $106 on Friday 24 April morning and closed at $105.73, a new post-extension high. The price sits 57% above the $67.41 pre-war baseline and marks the first trading day back above the $100 threshold since the ceasefire relief of 21 April priced out. Brent last cleared $100 at contract expiry on 18 April , when it settled at $97.91 after a three-day slide; the current level reverses that compression.

Windward, the maritime-intelligence provider, logged 9 Hormuz transits on 22 April (six inbound, three outbound) against a pre-war baseline above 100 per day 1. Gulf-wide vessel presence climbed to 868 vessels (+108), reversing the 20 April easing, as dark-activity events, defined by Windward as AIS switch-offs or spoofing, rose 13% to 132 events. Three named Windward-tracked vessels tied to the 22 April IRGC seizures appear in the 22 April transit data prior to the interdictions, confirming live tracking.

Dark activity rose 13% on 22 April even as transit count collapsed 91% against the pre-war baseline. Fewer vessels would normally suppress deceptive-shipping signals because fewer hulls are available to hide; instead Windward logged the opposite pattern on the same day IRGC seizures and mine-laying threats escalated. Charterers are still attempting the route but now layering identity obfuscation on every passage, which raises the probability of a misidentified vessel drawing CENTCOM engagement under the verbal shoot-kill order.

For UK motorists the wholesale shift translates to roughly 25-30p per litre above pre-war pump prices if the retail sector passes it through by early May. European haulage desks are pricing the new high into May contracts; Mediterranean LNG buyers are seeing the knock-on in spot markets. With no new Iran instrument signed in Washington, the Brent level is responding to kinetic risk in the strait rather than to paper.

Deep Analysis

In plain English

Oil hit $105.73 a barrel on 24 April, the highest point since the ceasefire relief of 21 April priced out of the market. That is 57% above what oil cost the day before this war started. For UK motorists, it translates to roughly 25-30p per litre above pre-war pump prices. A shipping intelligence firm called Windward tracked only 9 vessels transiting the Strait of Hormuz on 22 April, against more than 100 per day before the war. But it also tracked 132 vessels behaving suspiciously, trying to hide their movements. The strait has not emptied; it has filled with risk instead of cargo.

What could happen next?
  • Consequence

    Dark-activity events rising 13% on the same day IRGC seizure and mine-laying threats escalate means deceptive shipping is growing precisely when the legal and kinetic risk of detection in Hormuz is highest, compressing risk into the same narrow corridor.

First Reported In

Update #78 · Allies flagged, adversaries listed, nothing signed

US Treasury OFAC· 24 Apr 2026
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Different Perspectives
Lloyd's of London
Lloyd's of London
The Joint War Committee left Hormuz war-risk premiums at $10-14 million per voyage on 25 May, declining to move on Brent's 5% fall. The JWC's protocol requires a UN Security Council resolution or bilateral government certification letter before de-listing, and neither has arrived: a verbal understanding does not satisfy the formal condition the reinsurance market's treaty terms require.
Gulf Arab producers
Gulf Arab producers
Saudi Arabia and UAE depend on Hormuz for their own crude exports; Aramco CEO Nasser has warned no oil market recovery arrives until 2027 if the blockade continues past mid-June. Monday's $98.96 Brent settlement shortens nothing for Gulf producers without a signed instrument and a Pentagon mine-clearance timeline that runs up to six months post-ceasefire.
Qatar
Qatar
Qatar holds $12bn of frozen Iranian assets at the centre of the sequencing dispute but cannot release them without explicit US Treasury authorisation, given the original freeze was a US instrument. As the asset-holding state, Qatar's leverage is real but passive: it is the escrow holder, not the decision-maker, and any resolution requires US Treasury sign-off that Trump has withheld.
Pakistan
Pakistan
With both Prime Minister Sharif and army chief Munir simultaneously in Beijing on 25 May, Pakistan has for the first time consolidated its civilian and military mediation tracks under China's roof. Munir's direct Tehran-to-Beijing flight signals that the security and financial threads of the sequencing problem are now being worked in parallel rather than sequentially.
China
China
Beijing hosted Pakistan's principal mediators and Iran's China envoy Ghalibaf simultaneously on 25 May while its banking regulator capped new state-bank lending to five sanctioned refiners. China is simultaneously the most credible third-party underwriter of the $12bn sequencing and the state whose institutions face live OFAC secondary-sanctions exposure if the deadlock persists through GL V's expiry.
United States
United States
Trump posted on 24 May that the blockade holds until a deal is certified and signed, ruling out the informal MOU structure both sides had been building. The 'certified, and signed' condition is the first operational bar Trump has attached in 87 days, but it arrived without an executive instrument, maintaining the gap between posted ultimatum and signed US policy.