No connection

Search Results

Geopolitical Score 96 Bullish

Oil Prices Surge as Hormuz Blockade Persists Amid Iran Conflict

Apr 29, 2026 22:11 UTC
CL=F, BZ=F, XLE
Immediate term

Crude oil futures extended gains for a fourth consecutive session as the Strait of Hormuz remains largely closed. U.S. President Donald Trump has indicated that the naval blockade of Iranian ports will remain in place until a nuclear agreement is reached.

  • WTI reached $109.64 per barrel
  • Brent crude trading near $118
  • Strait of Hormuz remains nearly closed
  • US blockade tied to nuclear deal negotiations
  • Fourth consecutive session of price gains

Global oil markets are experiencing significant upward pressure as geopolitical tensions escalate in the Middle East. West Texas Intermediate (WTI) climbed as much as 2.6% on Thursday, reaching $109.64 per barrel, while Brent crude continues to trade near $118, marking its highest level since June 2022. The price surge is driven by the near-closure of the Strait of Hormuz, one of the world's most critical maritime chokepoints for energy exports. The disruption comes amid an ongoing conflict involving Iran, which has roiled global financial markets and sparked fears of a prolonged supply shock. The U.S. administration has maintained a strict naval blockade of Iranian ports. President Donald Trump explicitly stated that this blockade will not be lifted until a comprehensive nuclear deal with Tehran is secured, signaling that the supply constraints could persist for the foreseeable future. Traders are currently pricing in a sustained risk premium as the probability of a swift resolution diminishes. The continued closure of the Strait threatens to tighten global inventories and drive inflation higher across energy-dependent economies.

Sign up free to read the full analysis

Create a free account to unlock full AI-curated market articles, personalized alerts, and more.

Create Free Account Already have an account? Sign In
Share this article

Related Articles

Score 45 Bearish

Nikkei Retreats from Record Highs Amid Oil Surge and Tech Volatility

Apr 29, 23:16

Score 35 Bearish

KOSPI Gains Face Headwinds as Global Sentiment Sours

Apr 29, 23:01

Score 88 Bearish

AI Surge Obscures Broad Market Fragility Amid US-Iran Conflict

Apr 29, 23:00

Score 82 Bearish

Big Tech Earnings Divergence and Oil Surge Pressure Dow Futures

Apr 29, 22:33

Stay Ahead of the Markets

Join thousands of traders using AI-powered market intelligence. Get personalized insights, real-time alerts, and advanced analysis tools.

Get Started Free View Plans
Features Terminal AI Assistant Analysis Market News Pricing
Start Trading with AI Already have an account? Sign In
Home
Terminal
AI Chat
Markets
Profile