Oil Holds Gains Amid Middle East Uncertainty

2026-04-28 23:37 By Jam Kaimo Samonte 1 min. read

WTI crude futures held above $99 per barrel on Wednesday after gaining more than 3% in the prior session, supported by mounting uncertainty around global supply as US-Iran peace talks stalled and the Strait of Hormuz remained effectively closed.

President Donald Trump said Iran has urged the US to lift its naval blockade of the strait while negotiations to end the conflict continue, with disruptions already constraining energy flows from the Middle East.

The shutdown of this vital corridor has halted roughly 20% of global oil shipments, triggering what the IEA called the largest supply shock on record.

At the same time, the US intensified pressure on Iran through additional measures, including potential sanctions on Chinese refiners linked to Tehran and on countries paying transit fees to secure passage through Hormuz.

Elsewhere, the ongoing conflict has prompted the UAE to announce its exit from OPEC next month for greater flexibility in adapting to shifting market conditions.



News Stream
Oil Holds Gains Amid Middle East Uncertainty
WTI crude futures held above $99 per barrel on Wednesday after gaining more than 3% in the prior session, supported by mounting uncertainty around global supply as US-Iran peace talks stalled and the Strait of Hormuz remained effectively closed. President Donald Trump said Iran has urged the US to lift its naval blockade of the strait while negotiations to end the conflict continue, with disruptions already constraining energy flows from the Middle East. The shutdown of this vital corridor has halted roughly 20% of global oil shipments, triggering what the IEA called the largest supply shock on record. At the same time, the US intensified pressure on Iran through additional measures, including potential sanctions on Chinese refiners linked to Tehran and on countries paying transit fees to secure passage through Hormuz. Elsewhere, the ongoing conflict has prompted the UAE to announce its exit from OPEC next month for greater flexibility in adapting to shifting market conditions.
2026-04-28
Oil Rises for 7th Session
WTI crude oil futures held near $100 per barrel on Tuesday, extending gains for a seventh consecutive session and reaching the highest level since early April, despite the UAE’s unexpected withdrawal from OPEC. The move has done little to alleviate supply constraints, as any increase in output still faces the critical logistical hurdle of the Strait of Hormuz remaining closed. Markets remain focused on US President Donald Trump’s response to Iran’s latest proposal aimed at ending the conflict, though reports suggest Washington is dissatisfied as Tehran’s nuclear programme remains a key sticking point. Despite a ceasefire largely holding since early April, mutual restrictions by Iran and the US have reduced traffic through the strait to near zero, intensifying supply concerns as the route typically carries around 20% of global energy flows. Now in its ninth week, the conflict has driven prices sharply higher and tightened global supply conditions.
2026-04-28
US Crude Oil Futures Top $100
WTI crude futures surged nearly 4% to above $100 a barrel on Tuesday, extending gains for a seventh consecutive session and reaching their highest level since early April. 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.
2026-04-28