Brent Heads for Second Straight Weekly Gain

2026-04-30 23:50 By Jam Kaimo Samonte 1 min. read

Brent crude futures held above $111 per barrel on Friday and were set for a second weekly gain, amid dimming prospects for a US-Iran peace deal and expectations that the Strait of Hormuz would not reopen anytime soon.

President Donald Trump reaffirmed that the US would maintain its naval blockade of Iranian ports to intensify economic pressure.

Iran’s supreme leader Mojtaba Khamenei also dampened prospects for a deal, pledging not to relinquish the Islamic Republic’s nuclear or missile capabilities and indicating that Tehran would retain control over the strait.

Meanwhile, analysts cautioned that several countries could soon face acute oil shortages, as the final shipments that departed the Persian Gulf have already arrived at their destinations.

US crude exports surged to record levels last week, with global buyers increasingly turning to American producers to offset disrupted Middle Eastern supply.



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Brent Heads for Second Straight Weekly Gain
Brent crude futures held above $111 per barrel on Friday and were set for a second weekly gain, amid dimming prospects for a US-Iran peace deal and expectations that the Strait of Hormuz would not reopen anytime soon. President Donald Trump reaffirmed that the US would maintain its naval blockade of Iranian ports to intensify economic pressure. Iran’s supreme leader Mojtaba Khamenei also dampened prospects for a deal, pledging not to relinquish the Islamic Republic’s nuclear or missile capabilities and indicating that Tehran would retain control over the strait. Meanwhile, analysts cautioned that several countries could soon face acute oil shortages, as the final shipments that departed the Persian Gulf have already arrived at their destinations. US crude exports surged to record levels last week, with global buyers increasingly turning to American producers to offset disrupted Middle Eastern supply.
2026-04-30
Brent Steadies as US Considers Iran Strikes
Brent crude futures steadied around $110.5 per barrel on Thursday after briefly jumping above $114, its highest intraday level since June 2022, as markets reacted to reports that US President Donald Trump will be briefed on expanded military options in Iran. According to Axios, the briefing from US Central Command chief Admiral Brad Cooper signals that renewed combat operations are being seriously considered, with a plan for a short and intense wave of strikes reportedly under review. Tensions remain elevated despite a ceasefire holding since early April, as US and Iranian blockades have effectively shut the Strait of Hormuz, cutting off a major share of global oil flows and driving what the International Energy Agency has called an unprecedented supply shock. Meanwhile, US crude exports have surged to record levels as buyers seek alternative supply.
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Brent Extends Rally as Iran War Intensifies
Brent crude futures jumped above $113 per barrel on Thursday, reaching their highest levels since 2022 following reports that the US military would brief President Donald Trump on potential action against Iran, heightening fears that the conflict could escalate further. Trump also reportedly rejected Tehran’s proposal and reaffirmed that the US will maintain its naval blockade until a nuclear agreement is reached, further weakening prospects for a diplomatic resolution. Iranian authorities warned of retaliation if the blockade continues, accusing Trump of attempting to force Tehran into submission through economic pressure and internal destabilization. Meanwhile, US inventory data showed steep declines in crude and fuel stockpiles, while exports surged to record levels above 6 million barrels per day, signaling tightening global supply conditions amid ongoing geopolitical disruption.
2026-04-30