Mücahithan Avcıoğlu
29 April 2026•Update: 29 April 2026
Oil prices surged Wednesday, with Brent crude futures climbing more than 7% to above $119 per barrel, their highest since June 2022, as concerns deepened about prolonged supply disruptions linked to the war with Iran and the continued closure of the Strait of Hormuz.
The international benchmark rose sharply as markets reacted to US President Donald Trump’s rejection of an Iranian proposal to reopen the Strait of Hormuz while postponing nuclear negotiations to a later stage.
Trump said the naval blockade on Iran would remain in place until Tehran agrees to a deal addressing US concerns about its nuclear program, according to Axios.
“The blockade is somewhat more effective than the bombing,” Trump told Axios, adding that Iran was facing growing pressure and “can’t have a nuclear weapon.”
The remarks reinforced expectations that the standoff could drag on for weeks, keeping risk premiums elevated across energy markets.
Market fears were amplified by reports that the US Central Command has prepared plans for a “short and powerful” wave of strikes on Iran if negotiations remain deadlocked, although Trump has not ordered military action.
The Strait of Hormuz remains one of the world’s most critical energy chokepoints, and any prolonged disruption threatens crude, liquefied natural gas and refined fuel flows from the Gulf.
Prices were also supported by tightening supply signals from the US, where crude and fuel stockpiles fell sharply last week, while crude exports surged to a record above 6 million barrels per day.
The market was already under pressure after the United Arab Emirates announced its exit from OPEC and OPEC+, a move that added uncertainty to the producer group’s cohesion during one of the most severe energy shocks in recent years.
