Brent Crude rose 2.61% to $111.10 per barrel on April 28, with WTI nearing $100, as the Strait of Hormuz remains blocked for over eight weeks.
ING now forecasts Brent averaging $104 per barrel in Q2 and $92 in Q4 2026, while Goldman Sachs projects $90 for Q4, citing prolonged disruption and stalled U.S.-Iran talks.
The extended Hormuz closure has driven up global oil and gas prices, with U.S. regions like Ohio seeing gasoline spikes and analysts expecting oil flows to recover slowly throughout the year.
Can the global economy absorb an 11% oil supply shock without recession?
Beyond oil, which industry is most vulnerable to the Hormuz chokehold?
With the Strait of Hormuz closed, which nations stand to gain most?
Is gold still the ultimate safe haven in modern geopolitical crises?
How could the Iran conflict permanently reshape global energy supply chains?
What happens to global food security if fertilizer prices keep soaring?