Skip to content
Briefings are running a touch slower this week while we rebuild the foundations.See roadmap
Russia-Ukraine War 2026
3MAR

Brent closes at $105.73, dark activity rises

2 min read
09:47UTC

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
Read original
Different Perspectives
North Korea / DPRK
North Korea / DPRK
ISW confirmed the first mounting of DPRK Type-75 MLRS on Russian autonomous UGVs near Kharkiv on 7 June, the latest step in a supply axis that escalated from shells in 2023 to troops in 2024. Pyongyang gains live battlefield data on its ordnance and on Russia's uncrewed-systems programme.
IAEA / Rafael Grossi
IAEA / Rafael Grossi
Grossi confirmed Chornobyl structural damage with nuclear material metres away and could not attribute the ZNPP 15-hour blackout during the agreed repair window. Six ceasefires brokered and broken at ZNPP, compounded by Rosatom's May attack on IAEA neutrality, have eroded his ability to enforce the windows he negotiates.
Emmanuel Macron / France
Emmanuel Macron / France
Macron co-signed the E3 framework whose line-of-contact baseline marks Europe's first formal acceptance that 1991 borders are not the opening position. France's role carries weight because Macron had previously proposed a European force for Ukraine, and the framework's multinational force point is the vehicle for that.
Keir Starmer / E3
Keir Starmer / E3
Starmer, Macron and Merz met Zelenskyy on 7 June and backed a five-point framework taking the line of contact as the talks baseline, conceding roughly one fifth of Ukraine in exchange for a multinational force and frozen assets. With US mediation ended, the NATO Ankara summit on 7-8 July is the next test.
Vladimir Putin / Kremlin
Vladimir Putin / Kremlin
Putin used SPIEF to reject Zelenskyy's summit letter, citing 'elements of rudeness', and repeated the pre-agreed treaty precondition that has frozen every diplomatic round since May. The SPIEF platform's message of investor confidence was punctured by naval fires visible from St Petersburg, which Moscow declined to dispute in scale.
Ukraine / Unmanned Systems Forces
Ukraine / Unmanned Systems Forces
Commander Brovdi confirmed USF units tracked and set fire to Boikyi at Kronstadt, while Code 9.2 struck the Chonhar Bridge the following day. Ukraine is sequencing strikes for rear-area interdiction and political timing rather than ground gains, trading the Baltic Fleet's home base for the logistics squeeze Russia cannot absorb without rationing its own occupied territory.