Reuters Morning Bid Oil markets remain tense despite a ceasefire
Apr 10, 2026
Oil and gas prices surge amid Strait of Hormuz tensions and shipping backups. Ceasefire talks look fragile while pipeline hits and Saudi output damage strain supplies. Energy shocks push pump prices up in Asia and risk a big March CPI jump. Regulators warn banks about advanced AI finding software vulnerabilities and reshaping cyber risk.
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Immediate Shortage Fears Pushed North Sea Crude To Record
- Oil spot concerns drove North Sea crude to a record $147 a barrel, signaling traders fear immediate shortages not just higher futures prices.
- Iran's tight control of the Strait of Hormuz, mined waters, and unclear ceasefire terms plus damaged Saudi pipelines amplify physical supply risk.
Ceasefire Fragility Recalibrates Trader Risk Appetite
- Traders are recalibrating after a fragile ceasefire as communications mismatch between Iran and the US raises doubts about enforcement.
- Tweets from President Trump and media reports of Iran demanding crypto tolls for tankers sharpen market pessimism.
Huge Ship Backlog And Insurance Spike Raise Costs
- Bottlenecks at the Strait are severe: only about 11 ships transited in the first 24 hours while ~1,400 wait, creating a major queuing and security challenge.
- Shipping insurance has surged roughly 40-fold since before the war, raising transport costs sharply.