Reuters Published April 24, 2026 Updated about 2 hours ago HOUSTON: Crude oil futures spiked USD5 a barrel on Thursday after reports that air defences were engaging targets over Tehran and of a power struggle between Iran’s hardliners and moderates. After spiking, the benchmarks pared gains. Brent crude futures settled at USD105.07 a barrel, gaining USD3.16 or 3.1 percent. West Texas Intermediate futures finished at USD95.85 a barrel, up USD2.89, or 3.11 percent. Iran negotiator quits Israeli radio reported the resignation of Iran’s top negotiator, Mohammad Baqer Qalibaf, from the team speaking to the US through Pakistani intermediaries about ending the war. Qalibaf’s resignation was seen as a victory for hardline elements within the Iranian government. Iranian news services said air defences in Tehran were engaging targets over the city. That followed reports of drone attacks on Iranian Kurdish opponents of the Tehran government at a base in Iraq. Iran flaunted its tightened grip over the Strait of Hormuz with video of its commandos storming a huge cargo ship, after the collapse of peace talks that Washington had hoped would open the important shipping corridor. US President Donald Trump said in a social media post that he had ordered the US Navy “to shoot and kill any boat” mining the strait. John Kilduff, partner with Again Capital, said the market was being buffeted by alternating news reports of Trump extending the ceasefire this week and threatening to sink Iranian mine-laying ships. “Some people call it headline bingo, I call it headline roulette,” Kilduff said. “I fear we’re going to wake up one day and realize we’re in a much worse (supply)…