Brent Crude Tops $112

Brent crude oil futures climbed more than 2.5% to around $111 per barrel on Tuesday, marking a seventh straight session of gains and the highest level since early April. Markets remain focused on US President Donald Trump’s response to Iran’s latest proposal aimed at ending the conflict and reopening the Strait of Hormuz, though reports suggest Washington is dissatisfied as Tehran’s nuclear programme remains a key sticking point. Despite a ceasefire largely holding since early April, mutual restrictions by Iran and the US have reduced traffic through the strait to near zero, intensifying supply concerns as the route typically carries around 20% of global energy flows. Now in its ninth week, the conflict has driven prices sharply higher and tightened global supply conditions. The IEA has warned of a potential unprecedented supply shock alongside risks to global demand. However, some upward pressure was limited after the UAE signaled it will leave OPEC and gradually increase production.

Brent crude futures surged nearly 3% to $112 a barrel on Tuesday, extending gains for a seventh consecutive session and reaching their highest level in about a month. Traders are closely awaiting US President Trump’s response to Iran’s latest proposal to end the conflict and reopen the Strait of Hormuz. However, reports suggest Trump is dissatisfied with the offer, as Tehran’s nuclear programme remains a key sticking point in negotiations. Although a ceasefire has largely held since early April, mutual blockades by Iran and the US have reduced traffic through the Strait of Hormuz to near zero. The passage typically accounts for around 20% of global energy flows, amplifying concerns over supply disruptions. Now in its ninth week, the conflict has driven energy prices sharply higher and strained supply across major markets. The International Energy Agency has warned of a potential unprecedented supply shock, alongside growing risks of a slowdown in global demand.

Brent increased to 111.57 USD/Bbl, the highest since March 2026. Over the past 4 weeks, Brent Crude Oil gained 3.78%, and in the last 12 months, it increased 76.13%.