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Arnne Carragie

Why Is WTI Crude Exploding 8% Today? Hormuz Sabotage and Seized Iranian Ship Spark $100 Target Panic

International benchmark Brent crude and WTI futures surged on April 20, 2026, trading at $96.30 and $91.20 respectively. While a fragile ceasefire briefly pushed prices toward $80 last Friday, the peace trade has violently unraveled over the weekend. The market is now grappling with a strategic escalation as the Strait of Hormuz is once again blocked and the U.S. Navy has officially seized an Iranian cargo ship, the Touska, for attempting to evade a naval blockade.
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