DILI, 20 April 2026 (TATOLI) – Crude oil prices rose again after the United States and Iran exchanged attacks on commercial vessels in the Strait of Hormuz, marking a renewed escalation in the conflict as both sides prepare for a second round of talks expected to take place in Islamabad, Pakistan.
The BBC reported that Brent crude futures were up by 4.74% at $94.66 (£70.11) a barrel, while West Texas Intermediate was 5.6% higher at $88.55.
It came after Iran announced on Saturday that it was once again closing the Strait of Hormuz to commercial shipping and warning that any vessel approaching the waterway would be targeted, according to the BBC.
Iran’s parliamentary speaker, Mohammad Baqer Qalibaf said the Strait of Hormuz would remain closed if the U.S. blockade continues.
On April 19, an Iranian-flagged cargo ship, identified as Touska, was intercepted and seized by the U.S. Navy in the Gulf of Oman.
The U.S. forces reportedly opened fire on the vessel after it was accused of violating a U.S.-imposed blockade.
According to Al Jazeera, the incident, which occurred less than 24 hours after a two-week ceasefire, has raised fresh tensions, with both sides accusing each other of violating the agreement, casting doubt on a planned second round of negotiations in Pakistan, as Iran has yet to confirm whether it will send a delegation.
“The reports circulating about a second round of negotiations in Islamabad are false,” Iran’s state-sponsored broadcaster, Islamic Republic News Agency (IRNA), said, according to NDTV World.
Following the seizure of its cargo vessel, Tehran vowed to retaliate “soon,” describing the attacks as “maritime piracy.”
Early Monday, Iranian drones were reportedly launched toward multiple U.S. vessels in retaliation of U.S. attacks on its cargo ship, according to Tasnim news agency.
Earlier, Donald Trump said the U.S. delegation is expected to arrive in Islamabad on Monday for talks, and warned that the United States would strike Iran if Tehran rejected the terms proposed by his administration.
Since the government established maximum fuel prices in Timor-Leste in response to the Middle East conflict, the Indonesian state-owned oil company Pertamina, has raised gasoline prices to US$1.50 per liter and diesel to US$1.65 per liter. Meanwhile, local importer ETO sells gasoline at US$1.35 per liter and diesel at US$1.48 per liter.
TATOLI
