Oil Prices Return to $100/Barrel Amid Hormuz Closure; Russia's Oil Tax Revenue to Double, Japan to Release Strategic Reserves

Thursday afternoon, April 9, 2026: With continued uncertainty about the sustainability of the Iran-US ceasefire and the continued closure of the Strait of Hormuz, global oil prices rose again to nearly $100 per barrel. Reuters reports that Russia's revenue from its largest oil tax will double due to the oil and gas crisis caused by US and Israeli attacks on Iran. Since the start of the war, the Islamic Republic has effectively closed the Strait of Hormuz — a route for approximately one-fifth of global oil and liquefied natural gas flow — causing Brent crude prices to rise above $100 per barrel. According to Reuters calculations based on preliminary production and oil price data, Russia's mineral extraction tax from oil production in April is expected to reach approximately 700 billion rubles ($9 billion), compared to 327 billion rubles in March. This represents some of the first concrete evidence for Russia, the world's second-largest oil exporter, of windfall profits from the Iran war — which oil traders describe as the most severe energy crisis in recent history. Despite the ceasefire, with the Islamic Republic continuing to disrupt the Strait of Hormuz, Japan's government is planning to release an additional 20 million barrels from its strategic reserves in May. Japan has a 95% dependency on oil imports, mostly sourced from Gulf Arab countries. Reuters reports that the oil shortage has caused Japanese refineries to operate below 68% of their nominal capacity. Japan is also seeking oil sources outside the Strait of Hormuz and has increased coal consumption at power plants to offset the oil and gas shortage.