Brent Rises to 4-Year High

2026-04-29 15:16 By Agna Gabriel 1 min. read

Brent crude oil futures jumped more than 6% to above $118 per barrel on Wednesday, the highest level since June 2022, amid no signs of a near-term end to the conflict with Iran or the reopening of the Strait of Hormuz.

The surge comes as markets weigh the shock exit of the OPEC by the United Arab Emirates alongside signs that the conflict involving Iran may persist.

Reports that Donald Trump is preparing to extend a blockade on Iranian ports have heightened fears of prolonged supply disruptions, particularly through the critical Strait of Hormuz.

Negotiations remain stalled, with both sides entrenched, raising expectations that the standoff could drag on for weeks.

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.

Gasoline and refined fuel prices have also spiked, amplifying inflation concerns worldwide as energy markets remain on edge.



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Brent Rises to 4-Year High
Brent crude oil futures jumped more than 6% to above $118 per barrel on Wednesday, the highest level since June 2022, amid no signs of a near-term end to the conflict with Iran or the reopening of the Strait of Hormuz. The surge comes as markets weigh the shock exit of the OPEC by the United Arab Emirates alongside signs that the conflict involving Iran may persist. Reports that Donald Trump is preparing to extend a blockade on Iranian ports have heightened fears of prolonged supply disruptions, particularly through the critical Strait of Hormuz. Negotiations remain stalled, with both sides entrenched, raising expectations that the standoff could drag on for weeks. 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. Gasoline and refined fuel prices have also spiked, amplifying inflation concerns worldwide as energy markets remain on edge.
2026-04-29
Brent Rises to 4-Year High
Brent crude futures climbed above $115 per barrel on Wednesday, the highest level since June 2022, marking an eighth straight session of gains as concerns over global supply intensified. Ongoing US-Iran tensions and the effective closure of the Strait of Hormuz continue to tighten the supply outlook. President Donald Trump said Iran has called for the US to lift its naval blockade while negotiations continue. The shutdown of the strait, which normally handles about 20% of global oil trade, has triggered what the International Energy Agency described as the largest supply shock on record. Meanwhile, Washington is stepping up pressure with potential sanctions targeting Chinese refiners and countries paying transit fees through Hormuz. In a separate development, the UAE said it will exit OPEC next month to gain more flexibility in adjusting production.
2026-04-29
Brent Hits Near 4-year High
Brent increased to 113.47 USD/Bbl, the highest since June 2022. Over the past 4 weeks, Brent Crude Oil gained 5.58%, and in the last 12 months, it increased 85.69%.
2026-04-29