29.04.2026 07:21
Global oil prices continued their rise amid reports that the US may extend the blockade against Iran. Brent crude exceeded $111, marking an eighth consecutive day of gains. Tensions in the Strait of Hormuz and a decline in tanker traffic heightened supply concerns. Experts warn that if the US-Iran stalemate persists, the energy crisis could deepen and prices may rise further.
Global oil prices continued their rise due to ongoing tensions between the US and Iran. According to Reuters data, Brent crude oil rose above $111, marking its eighth consecutive day of gains. US West Texas Intermediate (WTI) crude also increased in value, in line with the global uptrend.
The main reason for the price increase was news that Washington might extend its naval blockade against Iran. Experts warn that this could further reduce global oil supply.
STRAIT OF HORMUZ CRISIS DEEPENS
According to foreign media, traffic in the Strait of Hormuz, through which about 20% of global oil trade passes, has significantly decreased. The route, which saw approximately 130 ships daily before the war, has dropped to around 30 in recent weeks.
It was also reported that tankers carrying Iranian oil were forced to turn back due to the US blockade.
It is stated that it could take months for shipping to return to normal in the region due to naval mines and security risks.
ENERGY CRISIS HAS GLOBAL IMPACT
Experts note that the disruption in the Strait of Hormuz could be one of the largest energy supply shocks in modern history. Global oil prices have risen above $100 since the start of the war, with fluctuations continuing.
The rise in US gasoline prices to $4.18 shows the crisis is directly impacting consumers.
Additionally, it is reported that Iran has made an indirect offer to the US for reopening the strait, but no agreement has yet been reached between the parties.
MARKETS FOCUS ON UNCERTAINTY
Analysts emphasize that if the US-Iran deadlock persists, new highs in oil prices could be seen. Global energy markets are focused on both military developments and potential diplomatic steps.