Renewed worries about the Iran war and the Strait of Hormuz drove oil back toward $105 a barrel on Thursday , as Iran on Wednesday seized two ships trying to exit the Strait, leaving investors wondering if the fragile ceasefire with the US that has allowed markets to rebound in recent weeks will be able to hold .

Oil prices were higher, with Brent crude futures up 2.5% in London at nearly $105 a barrel, having jumped 3.5% on Wednesday too , according to GMA Network. The moves came despite market data showing more modest levels earlier in the week, with Brent crude climbing by $1.26, or 1.2%, to reach $103.17 per barrel in earlier trading. According to market data, WTI Crude traded at $71.50/bbl on Wednesday, up 0.6%, while Brent Crude stood at $75.20/bbl, up 0.5%.

Brent crude has surged more than 55% since the Iran war began, hitting nearly $120 a barrel at its peak, amid fears of disrupted oil flows through the Strait of Hormuz , CNBC reported. March marked one of the largest monthly oil price jumps on record, with Brent gaining 51% as Gulf output fell and exports stalled .

The escalating situation has created what the International Energy Agency has characterised as the "largest supply disruption in the history of the global oil market," with the head of the IEA describing the situation as the "greatest global energy security challenge in history" .

BP Shareholders Deliver Historic Rebuke on Climate Transparency

In a separate development that underscores the tensions between fossil fuel companies and investors over climate strategy, British energy major BP suffered a shareholder revolt at its annual general meeting on Thursday, following a tense clash with investors over corporate governance and climate transparency, failing to get majority shareholder approval on two highly anticipated motions .

Each resolution received around 47% support, far short of the required 75% required to pass , according to CNBC. The defeated resolutions would have permitted online-only AGMs and retired two company-specific climate disclosure obligations .

The vote came after BP's board blocked a climate resolution from activist group Follow This, drawing criticism from major proxy advisers. Nick Mazan, oil and gas strategy lead at climate group ACCR, said the AGM result was "unprecedented and demonstrates that investors are fed up with BP's lack of capital discipline and its approach to shareholder rights," adding that "this collective show of force puts the new BP leadership team on notice" .

A majority of 81.8% voted in favor of electing Albert Manifold as chair , though some activist investors had said even a 5% vote against Manifold, who has only been in post as chair since October, would represent a severe reprimand .

Russia Reopens Pipeline to Europe While Cutting Off Kazakhstan

In a complex geopolitical maneuver, Russian oil flowed through the Ukrainian section of the Druzhba pipeline on Wednesday after a halt lasting months, allowing Hungary to lift its veto on a €90 billion euro EU loan urgently needed by Kyiv , Reuters reported.

However, from May 1, 2026, Russia stops the transit of Kazakh oil to Germany via the northern branch of the Druzhba oil pipeline , according to EADaily. Russia's Deputy Prime Minister Alexander Novak told journalists at the Kremlin that "from 1 May, volumes of Kazakh oil previously transported via the Druzhba pipeline to Germany will indeed be redirected to other available logistics routes. This is due to current technical capacities" , Al Jazeera reported.

For Kazakhstan, the loss of this route is not critical (less than 3% of exports), but for Germany, especially for the Schwedt refinery, which supplies Berlin and Brandenburg with fuel, the situation creates serious risks .

Europe's Rooftop Solar Boom Amid Energy Crisis

As energy prices surge, European households are rushing to install solar panels. Demand from households and businesses willing to install rooftop solar systems soared in March and continues to rise at even higher rates in April as consumers look to insulate themselves from spiking gas and electricity prices, equipment wholesalers and renewable utilities in Northwest Europe have told Reuters .

Rooftop solar demand in Germany, the Netherlands, and the UK has jumped by between 30% and 50% since the war in the Middle East began on February 28 , according to OilPrice.com. Sales at Germany's solar equipment wholesaler Solarhandel24 more than tripled last month and are set to triple again in April, amid soaring demand for rooftop solar .

German solar solutions provider Enpal also reported strong rooftop solar demand driving a 30% jump in orders in March from a year earlier, and expects a further 33% surge in April , Reuters reported.

Natural Gas Markets Show Mixed Signals

While oil prices surge, natural gas markets are showing more subdued behavior. According to market data, Henry Hub Natural Gas traded at $3.25/MMBtu on Wednesday, down 2.4%. Natural gas fell to 2.72 USD/MMBtu on April 23, 2026, down 0.14% from the previous day , according to Trading Economics.

The market remains under pressure due to ample inventories, with mild spring weather allowing for strong storage injections, leaving stockpiles about 7% above the five-year average as of April 17 .

MarketWatch reported that rising oil prices are putting wind in the sails of oil and gas companies — but only for so long, as they are reaching levels now that could start to bite into energy firms' bottom lines . The complex interplay between geopolitical tensions, shareholder activism, and the energy transition continues to reshape the global energy landscape as the Iran conflict drags on with no clear resolution in sight.