29.04.2026 19:53
Oil prices surged following reports that the US blockade against Iran could persist for an extended period. Brent crude oil barrel prices rose by 7 percent, reaching $118.
Following the closure of the Strait of Hormuz amid conflicts between the US, Israel, and Iran, the price of Brent crude oil began to rise, and the feared scenario has materialized. The barrel price of Brent crude has officially surged.
BRENT CRUDE APPROACHES $120
After closing the previous day at $104.4, the Brent crude oil futures barrel price rose by 7% to $118.
The price increase was driven by news that US President Donald Trump instructed his advisors to prepare for a prolonged naval blockade of Iranian ports.
TRUMP'S "BLOCKADE" ORDER
According to a report by the Wall Street Journal (WSJ) citing US officials, Trump has decided to intensify pressure targeting Iran's oil revenues and economic resources to force the Iranian government to step back from its nuclear program.
Officials stated that Trump instructed his advisors to prepare for a long-term blockade of Iran to compel Tehran to accept nuclear concessions it has long rejected.
Officials indicated that Trump considers the options of launching renewed air strikes or completely withdrawing from the conflict as riskier compared to maintaining the current blockade, and noted that in recent discussions, Trump favored restricting maritime traffic to Iranian ports to suppress oil exports.