LIVE UPDATES: Conflict in the Middle East (April 21, 2026)

The key to returning to normal production remains the reopening of the Strait of Hormuz. But even a reopening of the waterway would not allow an immediate return of all barrels to the market.

Since the start of the conflict in the Middle East at the end of February, more than 150 attacks have targeted energy sites in the region, including nuclear ones.

Among them, at least 44 facilities linked mainly to oil and gas—depots, refineries and extraction fields—have suffered damage, as well as a dozen energy transport sites.

Shipping traffic through the Strait of Hormuz remained broadly halted on Tuesday with only three ships passing the waterway in the past 24 hours, shipping data showed.

A US blockade of Iranian ports has infuriated Tehran, prompting it to maintain its own restrictions on the strait, which had been typically handling roughly one-fifth of the world's oil and liquefied natural gas supply.

Oil prices were up, Wall Street stocks turned mostly lower, and global equities dipped as optimism over peace talks faded and the US-Iran ceasefire expiration loomed.

Oil prices reversed an earlier dip as traffic in the Strait of Hormuz remained halted.

US crude rose 3.16% to $92.44 a barrel and Brent rose to $97.02 per barrel, up 1.64%.

Gold prices dropped as the dollar firmed, as investors looked to tentative US-Iran talks and Fed hopeful Kevin Warsh's Senate confirmation hearing. Spot gold fell 1.4% to $4,752.02 an ounce.

After a series of consecutive fuel price surges triggered by the heightened tensions in the Middle East, consumers have had slight relief in the recent weeks due to hefty price rollbacks. 

On April 12, President Ferdinand "Bongbong" Marcos Jr. announced a big rollback in pump prices starting April 14, confirming an earlier statement by the Department of Energy (DOE).

The President, however, admitted that the oil price reductions would not be enough.

DUBAI, United Arab Emirates – Overseas Filipino workers (OFWs) in Dubai and the Northern Emirates whose jobs have been affected by the Middle East crisis may receive one-time financial aid from the Philippine government during this difficult time.

In its Advisory No. 13 s. 2026 issued on April 18, the Migrant Workers Office (MWO) in Dubai urged qualified OFWs to prepare documents that would entitle them to more than AED730 (about $200 or nearly P12,000) in assistance if they lost their job, or were on a "no work, no pay" arrangement with their employer as a result of the ongoing Middle East conflict.

President Donald Trump said on Monday he believed a nuclear deal the U.S. is negotiating with Iran will be better than the international agreement agreed to in 2015 to curb Tehran's nuclear program.

"The DEAL that we are making with Iran will be FAR BETTER than the JCPOA, commonly referred to as “The Iran Nuclear Deal,” Trump wrote in a social media post after criticism from Democrats and some nuclear experts that he is rushing negotiations on a highly complex topic.

US President Donald Trump on Monday dismissed his top energy official's view that gas prices will not drop until 2027, saying Americans can expect lower costs as soon as the Iran war ends.

On Sunday, US Energy Secretary Chris Wright told CNN that while gasoline below $3 a gallon "could happen later this year, that might not happen until next year.”

"I think he's wrong on that. Totally wrong," Trump told a reporter from The Hill, adding that prices are expected to come down "as soon as this ends."

While Wright, also on CNN, agreed that "with the resolution of this conflict, you’ll see prices go down," no clear end is in sight. A fragile ceasefire is set to expire shortly and the chances another round of peace talks succeeding are unclear.