{"id":134670,"title":"Oil prices jump as Trump accuses Iran of breaching Hormuz agreement","publisher":"Share Talk","author":"sharetalk","published":"2026-04-10T14:46:26+00:00","modified":"2026-06-21T15:18:04+00:00","canonical_url":"https://www.share-talk.com/oil-prices-jump-as-trump-accuses-iran-of-breaching-hormuz-agreement/","markdown_url":"https://www.share-talk.com/oil-prices-jump-as-trump-accuses-iran-of-breaching-hormuz-agreement.md","json_url":"https://www.share-talk.com/oil-prices-jump-as-trump-accuses-iran-of-breaching-hormuz-agreement.json","category":"Blogs","categories":["Blogs","Energy"],"tags":["Allan Leighton","Asda","Australia","BRAZIL","china","diesel prices","Donald Trump","forecourts","gasoline","global oil supply","India","Iran","Moscow","New Zealand","North Sea","oil refineries","panic buying","petrol","Petrol Retailers Association","Price Surge","Pump Shortages","South Africa","Strait of Hormuz","supermarket","turkey","UK Petrol Crisis","UK-produced crude","Ukrainian","United Kingdom"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/04/9e56d429-1273-403c-b48e-aaedbb63c489-1.webp?fit=1200%2C650&quality=80&ssl=1","format":"news","language":"en-GB","content":"North Sea oil prices have surged to record levels after Donald Trump accused Iran of breaching an agreement to reopen the Strait of Hormuz.\n\nCargoes of UK-produced crude jumped sharply, with prices nearing $147 per barrel as traders rushed to secure immediate supplies. Forties Blend, a key benchmark for North Sea oil available for prompt delivery, has now surpassed levels last seen on the eve of the 2008 financial crisis.\n\nPrices have more than doubled from around $60 per barrel at the start of the year, significantly outpacing Brent crude, which was trading near $97 on Friday morning.\n\nThe widening premium reflects tightening physical supply conditions. While Brent crude primarily tracks future-dated contracts, North Sea benchmarks represent oil already in transit, indicating heightened urgency among buyers to secure near-term deliveries.\n\nThe latest spike follows renewed tensions over the Strait of Hormuz, a critical chokepoint responsible for transporting roughly one-fifth of global oil and gas flows. Markets reacted after Trump claimed Iran had failed to honour a ceasefire agreement intended to ensure the immediate reopening of the route.\n\n[!\\[\\](https://www.share-talk.com/wp-content/uploads/2026/04/Truth-Details-_-Truth-Social-Google-Chrome-2026-04-10-at-3.38.32-PM-300x106.webp)](https://truthsocial.com/@realDonaldTrump/posts/116377109535639790)\n\nIn a post on Truth Social, Trump said Iran was doing a [“very poor job”](https://truthsocial.com/@realDonaldTrump/posts/116377109535639790) of allowing oil shipments to pass through the strait, adding: “That is not the agreement we have.”"}