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Geopolitical Score 88 Bullish

Brent Crude Hits $120 as U.S. Maintains Iranian Naval Blockade

Apr 30, 2026 00:39 UTC
BZ=F, CL=F
Short term

Oil prices surged Thursday following reports that the U.S. has rejected proposals to reopen the Strait of Hormuz. The continued blockade of Iranian exports is tightening global supplies amid stalled nuclear negotiations.

  • Brent crude rose 1.96% to approximately $120
  • WTI crude increased 0.2% to $107.09
  • U.S. naval blockade of Iranian exports remains in place
  • Hormuz export levels dropped to 4% of normal
  • UAE output increases expected to be gradual
  • April demand potentially 3.6 million bpd lower than February

Brent crude futures climbed nearly 2% to reach $120 per barrel on Thursday, driven by escalating tensions between the U.S. and Iran. The price action follows reports that President Donald Trump has rejected a proposal from Tehran to reopen the Strait of Hormuz, ensuring the naval blockade remains in effect until a broader nuclear agreement is reached. The blockade is creating a severe supply squeeze in the global oil market. With nuclear negotiations stalled, the U.S. administration has signaled that the restrictions on Iranian exports will persist, further limiting available global capacity. Data from Goldman Sachs indicates the severity of the disruption, estimating that exports through the critical Hormuz chokepoint have plummeted to just 4% of their normal levels. While the UAE has exited OPEC to boost output, analysts suggest this increase will materialize gradually and is unlikely to offset the immediate tightness caused by the Iranian blockade. U.S. West Texas Intermediate (WTI) also saw gains, trading at $107.09. Despite the supply-side pressure, some downside risks to demand remain; Goldman Sachs noted that global oil consumption in April may be approximately 3.6 million barrels per day lower than February levels, with weakness concentrated in petrochemical feedstocks and jet fuel.

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