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Uranium Bull Market Gains Momentum Amid Supply Deficits and Geopolitical Tensions 
The US-imposed Strait of Hormuz blockade, enforced on April 13, 2026, has stopped around 20% of the world's oil supply and caused prices to rise sharply. As traders priced in supply concerns, Brent and WTI surged 6–8% right following the announcement, surpassing $100 per barrel. From about 138 ships per day before the war to only a few during the truce, tanker traffic through Hormuz fell sharply, and Iran reacted with Hormuz restrictions that left about 20,000 sailors and goods stranded, therefore compounding a deficit of over 20 million barrels per day. On April 19, the United States also seized an Iranian vessel trying to break the blockade.
The price pattern has stayed erratic. Data from April 12–13 showed Brent at 102.53 dollars and WTI at 104.40 dollars per barrel (roughly an 8% gain for Brent). There was a short drop in mid-April with Brent hovering around 96.83 dollars, followed by a late-April rebound to approximately 101.14 dollars by April 22 due to uncertainty regarding ceasefire extensions. Prices hovered around 100 dollars per barrel by April 23–24, with experts predicting an average of close to 100 dollars throughout Q2 should disturbances continue, even while IEA stock releases provided only limited relief. Along with more general inflationary pressures, Asia, which relies on roughly 80% of Hormuz-originated oil, confronts severe shortages.
The larger market influences are obvious. Increased energy costs jeopardize world inflation, drive up food and fertilizer prices, and pressure equities; gasoline and heating oil have soared 6–10% in the initial weeks. Though Trump has cautioned against nuclear escalation, he continues to demand concessions, therefore highlighting the danger of more price rises should the blockade continue. If the disruption continues, analysts warn of possible moves to the 110+ dollar range seen earlier in March, therefore emphasizing the fragile relationship between Middle East tensions and world energy markets.
