Brent Crude Approaches $120

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.

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.