Reviewing Brent Crude Oil Price Movements Since April 2026: A Rollercoaster Ride
Since April 2026, Brent crude oil prices have experienced dramatic swings—much like a rollercoaster. On April 2, spot Brent surged to $141.37 per barrel, marking the highest level since 2008. In early April, Brent futures briefly climbed above $109 before entering a period of correction.
As of the week ending April 17, Brent crude futures settled at $90.38 per barrel, down 5.06% from the previous week. WTI crude futures closed at $82.59 per barrel, posting a weekly decline of 14.48%. This week, news of another closure of the Strait of Hormuz triggered a sharp rally in oil prices at market open. According to the Director of Energy and Chemical Research at Everbright Futures, oil shipments through the Strait of Hormuz remain at a low level of 2.1 million barrels per day. The market continues to react extremely sensitively to any geopolitical signals.
From a broader supply and demand perspective, the latest IEA monthly report shows that global oil supply dropped by 10.1 million barrels per day in March—a 9% decrease. Visible global oil inventories have fallen by 212 million barrels since the outbreak of the conflict, equivalent to 46% of the cumulative stockpiles built up in 2025. The supply-demand gap and ongoing inventory drawdowns are jointly supporting elevated oil prices.
Key Drivers of Brent Crude Oil Prices
1. Geopolitics: The Strait of Hormuz as the Biggest Wildcard
The primary "master switch" for current oil prices is undoubtedly the status of the Strait of Hormuz. This critical chokepoint handles about 20% of global oil shipments and has seen multiple "open-close" cycles recently. In early April, Iran temporarily reopened the strait, causing oil prices to drop sharply. However, Iran soon closed it again, citing "the US not allowing ships full freedom of passage," which sent prices soaring.
Due to these restrictions, crude and condensate exports from Gulf countries have plummeted from around 19 million barrels per day to roughly 8 million barrels per day, with refined product exports also falling sharply. OPEC’s total crude output in March dropped by 7.88 million barrels per day from February, down to 20.79 million barrels—a record 27% decline.
Most analysts agree that the true inflection point for oil prices hinges on the outcome of US-Iran negotiations and the actual navigability of the Strait of Hormuz.
2. OPEC+ Production Increases: More Symbolic Than Substantive
On April 5, eight core oil-producing countries—including Saudi Arabia and Russia—announced a collective production increase of 206,000 barrels per day starting in May, continuing their gradual rollback of voluntary cuts. However, given the global daily supply disruption exceeding 10 million barrels, this increase is a drop in the bucket. IEA data indicates that even if the additional output materializes, it would only offset about 1.2% of the supply gap.
Multiple institutions remain skeptical about the effectiveness of the production hike. Economists widely believe that simply boosting output cannot resolve the physical supply shortages caused by logistical bottlenecks—crude oil may just accumulate near ports without entering the international shipping system.
3. Demand Side: Pressured Outlook but Solid Floor
On the demand front, OPEC has lowered its Q2 2026 demand forecast by 500,000 barrels per day but maintains its projection for annual average daily demand growth at 1.38 million barrels. Meanwhile, global refining activity has slumped sharply, with processing volumes posting the largest monthly drop since April 2020. The refined products market—especially diesel and jet fuel—remains tight.
4. Major Institutions’ Latest Oil Price Forecasts
- UBS Wealth Management: Raised its Brent target to $100 per barrel by the end of June, $95 by the end of September, and $90 by year-end.
- JPMorgan: Warns that if the Strait of Hormuz remains closed through mid-May, oil prices could break above $150 per barrel.
- Goldman Sachs: Forecasts Brent’s average price at $85 for 2026, with Q2 prices reaching up to $110.
- Société Générale: Expects a significant supply gap and has raised its Brent forecast to $80 per barrel.
Overall, Brent crude is likely to remain highly volatile at elevated levels in the short term. Medium- to long-term trends will depend on how the geopolitical situation evolves and the pace of supply recovery.
How to Trade Brent Crude Oil on Gate TradFi
What Is Gate TradFi?
Gate TradFi is a multi-asset trading module launched by Gate, supporting CFDs (Contracts for Difference) on traditional financial assets such as gold, crude oil, forex, and global stock indices. Users don’t need to open a traditional brokerage account—one Gate account allows you to manage both crypto and traditional financial assets simultaneously.
Supported Crude Oil Products
Gate TradFi currently offers CFD trading on two major crude oil benchmarks:
- Brent Crude (XBR/USD): Produced in the North Sea, Brent serves as the pricing benchmark for about two-thirds of global oil trade and is more sensitive to international geopolitical factors.
- US Crude (XTI/USD): Primarily produced in the United States, this reflects supply and demand dynamics in the North American market.
Why Trade Oil on Gate TradFi?
- Unified Account, One-Stop Management: A single Gate account lets you use USDT as unified margin for both crypto and traditional financial asset trading.
- 24/7 Continuous Trading: Trade around the clock, unconstrained by traditional market hours. You can open or close positions immediately if geopolitical events occur during weekends or off-hours.
- Flexible Leverage: Oil trading supports adjustable leverage from 20x up to 500x, allowing users to tailor their risk exposure.
- Long and Short Strategies: Whether you’re bullish or bearish on Brent crude, you can trade both directions, offering more strategic options for portfolio management.
Trading Steps
- Open a TradFi Account: Log in to your Gate account, navigate to the "TradFi" or "Traditional Finance" section on the trading interface, and follow the prompts to open a TradFi sub-account.
- Transfer Funds: Move USDT from your spot account to your TradFi account as margin. The balance will be displayed as USDx, pegged 1:1 to USDT.
- Select a Trading Product: In the commodities section of the TradFi trading interface, locate Brent Crude (XBR/USD).
- Set Leverage and Place an Order: Choose your preferred leverage based on your risk tolerance, enter your position size, and select either a market or limit order to complete the trade.
Risk Management Tips
Given Brent crude’s current high volatility, investors are advised to set reasonable stop-loss and take-profit levels and to choose leverage carefully based on their risk tolerance. Gate TradFi’s multi-tiered leverage system enables investors to amplify returns when market trends are clear while effectively managing risk exposure during periods of heightened volatility.
Conclusion
Brent crude’s recent price action is highly dependent on the status of the Strait of Hormuz, with geopolitics remaining the core pricing driver. OPEC+’s modest production increases are insufficient to close the supply gap, and global inventories continue to be drawn down. In the short term, oil prices are likely to remain volatile at elevated levels. Major institutions’ Brent forecasts for Q2 range widely, from $90 to $110 per barrel.
For investors looking to participate in this market cycle, Gate TradFi offers a convenient channel for trading Brent crude CFDs. With a unified account, 24/7 trading, flexible leverage, and the ability to go long or short, crypto investors can diversify their portfolios across markets on a single platform. Whether you aim to capture short-term geopolitical-driven volatility or pursue medium- to long-term hedging strategies, Brent crude remains a core trading asset worth your attention.
