Brent Crude Spikes Near $100/bbl as IRGC Seizes Ships; Markets Whipsaw on Ceasefire Extension

Global oil markets whipsawed sharply on April 22. Brent crude spiked toward $99/barrel — briefly approaching $100 — after IRGC gunboats seized the MSC Francesca and Epaminondas and fired on the Euphoria in the Strait of Hormuz. The spike was partially tempered after markets absorbed Trump's open-ended ceasefire extension, with Brent pulling back to around $95-99/bbl in volatile trading. WTI rose to approximately $90.86/barrel. CNBC reported gold also rose as 'oil weakened' after the ceasefire extension, as safe-haven flows competed with energy market jitters. Iranian state media noted Iran's estimated daily financial losses from the US blockade had reached ~$500 million/day. US Treasury Secretary Scott Bessent warned of targeting Iran's 'primary revenue lifelines' with new sanctions. The US Treasury also announced sanctions on 14 individuals, entities, and aircraft for procuring and transporting weapons for Iran.