Brent Rises on Lingering Supply Concerns

Brent crude futures climbed above $110 per barrel on Thursday, rallying nearly 15% so far this week as the ongoing Middle East conflict kept the Strait of Hormuz effectively closed, cutting off significant volumes of global energy flows. President Donald Trump stated that the US will maintain its naval blockade on Iran until a nuclear agreement is reached, while also outlining potential measures to extend the blockade with limited impact on domestic consumers during talks with oil and trading executives. At the same time, Iranian authorities warned of retaliation should the blockade persist and accused Trump of attempting to coerce Tehran into submission through economic pressure and internal destabilization. Elsewhere, US inventory data showed sharp declines in crude and fuel stockpiles, while exports surged to record highs above 6 million barrels per day, underscoring tightening global supply.

Brent Crude Oil rose above 120, according to trading on a contract for difference (CFD).

Brent crude oil futures jumped more than 7% to almost $120 per barrel on Wednesday, the highest level since June 2022 as prospects remain dim for a near-term resolution to the Iran conflict or the reopening of the Strait of Hormuz. President Trump said the US would keep its naval blockade on Iran in place until it agrees to a nuclear deal. The surge comes as markets weigh the shock exit of the OPEC by the United Arab Emirates. Meanwhile, US inventory data showed sharp declines in crude and fuel stockpiles, while exports surged to record highs above 6 million barrels per day, underscoring tightening global supply.