**Crude Oil and Gasoline Prices Surge Amid Middle East Tensions**
On April 10, 2026, May WTI crude oil closed at $94.69 per barrel, up 3.72%, while May RBOB gasoline rose to $3.15 per gallon, increasing by 3.08%. The surge follows the fourth day of a U.S. naval blockade of the Strait of Hormuz, significantly affecting oil supplies, as approximately 20% of the world’s oil transits through this critical route. The International Energy Agency (IEA) reported that the ongoing conflict in the region and war with Iran has shuttered around 13 million barrels per day of global oil supply, creating potential shortages.
Amid escalating tensions, U.S. President Trump stated that a peace deal with Iran appears promising, which led to a temporary drop in crude prices. Currently, Persian Gulf oil producers are reducing output by roughly 6% due to storage limitations caused by the blockade. Furthermore, OPEC+ plans to boost production by 206,000 barrels per day in May, although this may not materialize as Middle East producers face operational constraints.
As of April 10, U.S. crude oil production remains steady at 13.596 million barrels per day. U.S. crude inventories stood 1.9% above the seasonal five-year average, while active U.S. oil rigs are steady at 411, just above recent lows.
