Iran War: Energy Market Impact Tracker

Global conflicts have been a major driver of volatility in energy markets. The ongoing war in Iran is no exception, sending ripples through the global economy and directly impacting fuel prices. For companies that rely on transportation and logistics, understanding the daily shifts in crude oil, refinery margins, and diesel prices is critical for managing budgets, protecting margins, and maintaining operational stability.

This briefing is designed to provide you with a snapshot of the energy market's response to this geopolitical event. We will monitor key indicators and offer insights to help you navigate this uncertain landscape.

Daily energy market analysis

April 24, 2026: Crude oil prices experienced significant intraday volatility, with WTI crude ending at $94.40 per barrel and Brent crude rising slightly to $105.33 per barrel. Diesel prices also saw regional fluctuations, reflecting market sensitivity to Middle East conflicts and refinery maintenance. Download the one-pager >

April 23, 2026: Crude oil prices increased amid escalating geopolitical tensions and supply concerns. WTI crude rose to $95.85 per barrel, while Brent crude climbed to $105.07 per barrel. The increases were fueled by intensified conflict headlines, U.S. blockades in the Strait of Hormuz, and reports of attacks on vessels and Iranian air defenses, heightening fears of prolonged disruptions. Download the one-pager >

April 22, 2026: Crude oil prices increased for a third consecutive session, with WTI reaching $92.96 per barrel and Brent hitting $101.91 per barrel, driven by geopolitical tensions in the Strait of Hormuz and fading hopes for a diplomatic resolution. Despite a U.S. crude inventory build, supply risks and unexpected distillate inventory draws supported price strength, while wholesale diesel prices rose to 460.75¢ per gallon. Download the one-pager >

April 21, 2026: Crude oil prices rose as geopolitical tensions and uncertainty around U.S.–Iran negotiations drove market volatility. WTI and Brent crude increased by 2–3%, while diesel prices also climbed, reflecting concerns over disrupted maritime traffic through the Strait of Hormuz. Despite these gains, energy markets remain volatile as they react to shifting ceasefire developments and diplomatic signals. Download the one-pager >

April 20, 2026: Crude oil prices surged by approximately 6%, with WTI reaching $89.61 per barrel and Brent hitting $95.48, driven by renewed doubts over U.S.–Iran peace talks and the ongoing Strait of Hormuz shutdown. Analysts warn that prolonged transit disruptions and rising war-risk insurance costs could lead to real supply losses, maintaining a risk premium in crude prices. Meanwhile, diesel prices dropped to 432.2¢ per gallon, reflecting prior market movements, though concerns persist over refined product flows due to Middle East shipping disruptions and geopolitical tensions. Download the one-pager >

April 17, 2026: WTI crude fell to $83.85 per barrel and Brent crude to $90.38 per barrel as markets adjusted to reduced Middle East risk premiums. Lingering uncertainties around ceasefire enforcement, infrastructure damage, and potential geopolitical escalations keep both crude and diesel markets vulnerable to volatility. Download the one-pager >

April 16, 2026: WTI crude increased to $94.69 per barrel, and Brent hit $99.39, driven by U.S. enforcement actions against Iranian exports and heightened geopolitical risks, including disruptions in the Strait of Hormuz. Diesel prices also climbed, reflecting tightening global supply, increased U.S. exports, and falling domestic inventories. Download the one-pager > 

April 15, 2026: Crude prices remained flat despite strong U.S. inventory draws and Middle East supply uncertainties, while diesel prices dropped by 22.5¢ to 456.4¢ per gallon, reflecting prior market movements. Ongoing disruptions in the Strait of Hormuz and U.S.–Iran tensions continue to tighten supply, driving diesel price volatility and inflation sensitivity in freight markets. Broader economic factors and the duration of supply constraints will influence how long elevated energy prices persist. Download the one-pager >

April 14, 2026: WTI crude fell $7.80 to $91.28 per barrel, while Brent dropped $4.57 to $94.79, driven by optimism around U.S.–Iran talks that could ease supply disruptions. Diesel prices declined alongside crude, though physical diesel markets remain tight due to ongoing Middle East disruptions and constraints at the Strait of Hormuz. Markets are closely watching diplomatic developments and IEA signals, as extended disruptions could further tighten global balances. Download the one-pager >

April 13, 2026: WTI crude rose $2.51 to $99.08 per barrel, while Brent crude fell $4.16 to $99.36 per barrel, amid heightened volatility driven by the U.S. blockade of Iranian ports. Meanwhile, diesel markets strengthened with futures jumping 6%, reflecting tight refining conditions and supply disruptions. Download the one-pager >

April 3, 2026: Markets were closed today in observance of Good Friday, leaving crude oil prices unchanged from the prior session. Energy markets remain volatile due to the prolonged Strait of Hormuz closure and Middle East conflicts, which are disrupting global supply chains and driving up crude and diesel prices. Meanwhile, escalating tensions in the region, including strikes on Kuwait’s Al-Ahmadi refinery and strikes involving U.S. aircraft, continue to heighten geopolitical risks. Download the one-pager >

April 2, 2026: WTI crude oil surged 11.4% to $111.54 per barrel, while Brent crude dropped 7.8% to $109.03, reflecting market volatility amid Middle East tensions and the Strait of Hormuz closure. While Venezuela increased exports, this offers minimal relief to the global supply shock. Download the one-pager >

April 1, 2026: WTI crude closed at $100.12 per barrel, down 1.2%, while Brent crude plunged 14.5% to $101.16, driven by easing supply concerns after President Trump suggested a U.S. exit from the conflict within weeks. However, a 5.5 million barrel build in U.S. crude inventories and ongoing ceasefire developments kept markets cautious, with analysts warning that renewed tensions between the U.S. and Iran could quickly reintroduce risk premiums. Download the one-pager > 

March 31, 2026: WTI crude oil closed at $101.38 per barrel, down 1.5%, while Brent crude rose 4.9% to $118.35 per barrel, with both experiencing wide intraday price ranges due to liquidity shifting to next-month contracts. Markets are highly sensitive to potential reversals in supply losses, with diesel futures dropping sharply as supply fears eased and volatile trading triggered rapid position pullbacks. Download the one-pager >

March 30, 2026: WTI crude oil rose 3.3% to $102.88 per barrel, while Brent crude edged up 0.2% to $112.78, driven by escalating geopolitical tensions. U.S. threats to Iran’s oil infrastructure and an Iranian missile strike on Israel’s refinery heightened fears of supply disruptions in key regions like the Strait of Hormuz and Kharg Island. Additionally, Houthi attacks have increased shipping risks through the Red Sea and Bab el-Mandab strait, further amplifying concerns over energy flows. Download the one-pager >

March 27, 2026: On‑road wholesale diesel prices rose by 19.04¢ per gallon to 482.36¢ per gallon, a day‑over‑day increase of approximately 4.1%. Rising energy prices are driving up transport, manufacturing, and food costs, increasing the risk of broader inflation. Energy is now seen as a macroeconomic risk. Download the one-pager >

March 26, 2026: On-road wholesale diesel prices dropped by 25.72¢ per gallon to 463.33¢, marking a 5.5% decrease based on yesterday's market activity. Market uncertainty continues as conflicting signals emerge from Washington and Tehran, with heightened demands on both sides complicating negotiations despite President Trump's claims of progress. Download the one-pager > 

March 25, 2026: On-road wholesale diesel prices surged by 28.27¢ per gallon to 489.04¢, reflecting a 6.1% day-over-day increase based on Tuesday's market activity. Geopolitical tensions remain high as a Ukrainian drone attack disrupted crude and product loadings at Russian Baltic ports, while U.S.-Iran negotiations briefly eased supply fears before rebounding as Iran rejected key terms. Download the one-pager >

March 24, 2026: On-road wholesale diesel prices dropped by 44.31¢ per gallon yesterday, a 8.8% decline, but rebounded today as markets reassessed the likelihood of a near-term ceasefire with Iran. The U.S. reportedly has a "15-point plan" to end the conflict with Iran agreeing to key points, but the situation remains volatile, sustaining fears of prolonged supply disruptions. Download the one-pager >

March 23, 2026: On-road wholesale diesel prices rose 15.94¢ per gallon to 505.09¢ per gallon, representing a day-over-day increase of about 3.3%. Wholesale diesel prices have risen alongside expanding refinery margins—the spread between crude oil input costs and the finished diesel price. That margin now totals 202.7¢ per gallon, accounting for just over 40% of the total diesel cost build. Download the one-pager >

March 20, 2026: On-road wholesale diesel prices rose by 6.61¢ per gallon to 489.15¢ per gallon, marking a 1.4% day-over-day increase. Widening refinery margins highlight challenges in replacing lost middle-distillate barrels, while the closure of the Strait of Hormuz has tightened global crude and refined product supply, driving broad upside risks across crude, diesel, and gasoline markets. Download the one-pager >

March 19, 2026: Diesel prices rose by 3.7% to 482.54¢ per gallon, driven by surging Brent crude prices, which reflect heightened exposure to global supply disruptions. Attacks on Middle Eastern refined production facilities are estimated to remove 700,000 barrels per day of refined product capacity, tightening diesel, jet fuel, and naphtha markets. Download the one-pager >

March 18, 2026: Wholesale diesel prices rose 15.72¢ per gallon, a day-over-day increase of 3.5%, to 465.44¢ per gallon, driven by geopolitical tensions outweighing bearish market signals. While the 60-day Jones Act waiver offers some relief, it has minimal impact on the global crude supply shock, which is pushing WTI toward over $100. A larger-than-expected U.S. crude inventory build of ~6.2 million barrels failed to lower prices amid heightened geopolitical risks. Download the one-pager >

March 17, 2026: Wholesale diesel prices dropped 18.85¢ to 449.72¢ per gallon, representing a 4.0% decrease from the prior session. Iran’s attacks on UAE oil infrastructure and a tanker near the Strait of Hormuz have renewed fears of prolonged supply disruptions, while limited international support to open the Strait keeps pressure on oil markets. Meanwhile, tensions escalate with Israel's reported killing of Iran’s security chief, one of the most powerful members of the regime. Download the one-pager >

March 16, 2026: Wholesale diesel prices climbed 10.37¢ to 468.57¢ per gallon, a 2.3% daily increase, driven by escalating Middle East tensions. U.S. strikes near Iran’s Kharg Island and disruptions in the Strait of Hormuz continue to dominate market concerns, while emergency SPR releases and IEA efforts have done little to ease supply concerns. Download the one-pager >

March 13, 2026: WTI crude oil closed the day at $98.71 per barrel, up 3.1% from the prior day, while Brent crude ended at $103.14 per barrel, marking a 2.7% day-over-day increase. Disruptions at the Strait of Hormuz could cut roughly 3 to 4 million barrels per day, roughly 5% to 12% of global consumption. This is widening refinery margins as product prices surge faster than crude. Download the one-pager >

March 12, 2026: WTI crude oil closed at $95.73 per barrel and Brent at $100.46 per barrel, reflecting sharp day-over-day increases of 9.7% and 9.2%, respectively. Supply risks are escalating as tanker traffic through the Strait of Hormuz has plummeted by over 90% due to Iranian leaders threatening to close the Strait through attacks and mining. The IEA shared this is the largest oil supply disruption in history, with global supply projected to decline by 8 million barrels per day in March. Download the one-pager >

March 11, 2026: WTI crude oil closed at $87.25 per barrel, up 4.6% from the previous day, while Brent ended at $91.98 per barrel, marking a 4.7% day-over-day increase. WTI traded within the $80–$90 range for most of the day, closing near the upper end. Download the one-pager >

March 10, 2026: The oil market experienced significant volatility, with WTI prices spiking above $119/bbl before retreating to the $80s–$90s range amid U.S. intervention and global SPR discussions. Geopolitical tensions have escalated as Iran shuts down the Strait of Hormuz, disrupting roughly 20% of global oil flows and forcing producers to curtail output. Additionally, targeted attacks on key energy infrastructure in the Middle East have caused severe damage. Download the one-pager >

Gain control in a volatile energy market

Geopolitical disruption has amplified fuel price volatility—and traditional fuel surcharge programs aren’t cutting it. Weekly, national average indices mask daily market swings, creating distortion that routinely drives shippers to overpay for fuel.

Fuel Recovery calculates real‑time, lane‑level fuel pricing for every shipment, ensuring you reimburse carriers fairly while eliminating volatility‑driven cost inflation. Shippers using Fuel Recovery gain transparency, cost control, and confidence that fuel is treated as a true pass‑through expense.