Brent crude, the international oil benchmark, closed Friday, April 24, at $106.80, up nearly 5% in the previous 24 hours and roughly 50% above its level on the eve of the U.S.-Israeli attack on Iran on February 28. According to the International Energy Agency, shipments through the Strait of Hormuz averaged just 3.8 million barrels per day in early April—less than one-fifth the 20 million barrels per day in February before the war.