Brent crude futures surge as US plans extended Iran port blockade

15 articles · Updated · Reuters · Apr 29

Brent crude for June rose 2.8% to $114.34 a barrel, its highest since March 31, while WTI climbed to $102.68.
The US, under President Trump, will prolong its blockade of Iranian ports, threatening further supply disruptions through the Strait of Hormuz and driving oil prices higher.
Despite the UAE's exit from OPEC, analysts expect limited near-term market impact, with ongoing geopolitical tensions and falling US crude inventories continuing to influence global oil prices.

With Hormuz blocked, how can the UAE's OPEC exit impact global oil supply?

Why is physical oil $40 more expensive than futures contracts amid the crisis?

What long-term geopolitical shift does the UAE’s departure from OPEC signal?

How does the Hormuz blockade threaten global food and high-tech supply chains?

As the US and Iran blockade each other, what prevents a wider military conflict?

Can Venezuelan oil realistically replace the millions of barrels lost from the Gulf?