Brent Crude Rises Further

2026-04-02 17:09 By Andre Joaquim 1 min. read

Brent crude oil futures soared over 7% above $109 per barrel, the highest in nearly four years, regaining traction on a volatile session as markets reconsidered the magnitude of supply risks from the ongoing war in the Persian Gulf.

US President Trump pledged to escalate attacks on Iran and their infrastructure in the next weeks if Tehran does not accept American ceasefire conditions, prompting Tehran to retaliate the aggressive rhetoric.

Oil and product prices had eased on reports that Oman and Iran were coordinating a toll for tankers crossing the Hormuz chokepoint, but optimism over the outlook of normalized supplies was short-lived and energy benchmarks rebounded.

Consequently, dated Brent benchmarks rose to past $140 per barrel, the highest since 2008.

Meanwhile, the UK is hosting talks with dozens of countries on securing the route, while OPEC+ is considering a potential output increase, though any additional supply is unlikely to impact markets in the near term.



News Stream
Brent Extends Gains on Hormuz Uncertainty
Brent crude strengthened above $89 per barrel on Wednesday, advancing for a sixth straight session as investors weighed conflicting signals surrounding a potential agreement between the US and Iran. President Donald Trump said the US had “total control over the Strait of Hormuz” as negotiations over the key waterway remain deadlocked. The increasingly confrontational rhetoric raised further doubts about the prospects of an immediate agreement to reopen the critical shipping route. Meanwhile, Pakistan’s defense minister said Washington and Tehran are “close to some sort of arrangement” regarding the Strait of Hormuz, while reports indicated that talks between Iran and Oman have reached an advanced stage. Elsewhere, industry data showed US crude inventories increased by 9.1 million barrels last week, marking their biggest weekly rise since February.
2026-08-12
Brent Extends Gains as US-Iran Deal Eyed
Brent strengthened above $89 per barrel on Wednesday, rising for the sixth consecutive sessions as investors assessed mixed signals surrounding a potential deal between the US and Iran. Pakistan’s defense minister said Washington and Tehran are “close to some sort of arrangement” regarding the Strait of Hormuz, while reports indicated that talks between Iran and Oman have entered an advanced stage. However, the positive developments followed a tougher stance from President Donald Trump this week, who said Tehran should pay reparations for those killed in attacks linked to the Islamic Republic. His remarks came in response to a series of demands issued by Iran over the weekend, including war compensation for the US and Israeli military operation in the country. Meanwhile, industry data showed US crude inventories rose by 9.1 million barrels last week, marking their largest increase since February.
2026-08-11
Brent Back Above $88
Brent prices remained volatile on Tuesday, swinging between gains and losses to trade above $88 a barrel as traders weighed conflicting signals over developments in the Middle East. Prices initially came under pressure after Pakistan’s Defense Minister Khawaja Asif said recent developments suggested the US and Iran were “close to some sort of arrangement,” with conditions appearing to move in favor of peace. Reports that talks between Iran and Oman on reopening the Strait of Hormuz to some maritime shipping had reached an advanced stage also fueled optimism. However, the gains were tempered by uncertainty over whether the strategic waterway will actually reopen. A senior Iranian official said the Strait of Hormuz would remain closed until Tehran’s conditions are met by Washington. On Monday, US President Trump adopted a tougher stance toward Tehran, demanding reparations from Iran for deaths linked to attacks and domestic unrest.
2026-08-11