Brent Hits 4-week High

Brent climbed above $84 per barrel on Tuesday, bringing gains for the week to more than 10%, after President Donald Trump reinstated a blockade on Iranian vessels transiting the Strait of Hormuz and announced that all other cargo passing through the waterway would be subject to payment requirements. The blockade is scheduled to take effect at 4 p.m. Eastern Time today. Trump called for a 20% reimbursement on cargoes, saying the US should be compensated by countries benefiting from its efforts to secure the strait, including Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, and Kuwait. The measures followed renewed hostilities between Washington and Tehran, with the US seeking to curb Iran’s ability to disrupt maritime shipping, while Tehran responded by targeting US allies in the region. Separately, Trump said he would back a Russian sanctions bill championed by the late Senator Lindsey Graham that would renew efforts to penalize buyers of Russian oil and natural gas.

Brent increased to 83.01 USD/Bbl, the highest since June 2026. Over the past 4 weeks, Brent Crude Oil lost 0.29%, and in the last 12 months, it increased 19.82%.

Brent crude oil rose more than 8% to $82 per barrel on Monday, the highest in about a month, after President Donald Trump said the US would reimpose a blockade on Iranian vessels using the Strait of Hormuz and seek payments on other cargo passing through the waterway. The comments followed renewed clashes between Washington and Tehran, with attacks on regional energy infrastructure adding to supply concerns. Trump said Hormuz would remain open with or without Iran and that the US would seek a 20% charge on other shipments through the chokepoint. At current prices, such a fee would amount to roughly $32 million for a supertanker, far above previous Iranian transit charges of up to $2 million. The US launched strikes targeting Iran’s ability to disrupt shipping, while Tehran retaliated against US allies, including a reported attack on a Kuwaiti offshore drilling platform. Meanwhile, OPEC reduced its 2026 oil demand growth forecast to 800,000 barrels per day.