Brent Climbs for 7th Day

Brent crude oil futures hovered near $112 per barrel on Tuesday, extending gains for a seventh consecutive session and reaching the highest level since early April, even after the UAE’s surprise exit from OPEC. The move has failed to ease supply constraints, as any additional output would still be blocked by the closed Strait of Hormuz. Markets are closely watching US President Donald Trump’s response to Iran’s latest proposal to end the conflict, though reports indicate Washington remains unsatisfied, particularly over Tehran’s nuclear program. Despite a fragile ceasefire since early April, mutual restrictions between Iran and the US have nearly halted traffic through the strait—a critical route handling 20% of global energy flows. Now in its ninth week, the conflict has pushed prices sharply higher and tightened global supply conditions, keeping upward pressure on oil markets.

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%.