Brent crude briefly broke above $120 per barrel, reaching a wartime high after Trump rejected Iran’s latest ceasefire proposal and announced an extended blockade, sending global energy markets into turmoil.
Brent crude oil surged to approximately $117 per barrel amid reports that the US is preparing to extend its naval blockade of Iranian ports.
British Petroleum reports profits more than doubling year-over-year in its first quarter, driven by soaring global oil prices amid the Iran conflict.
The UAE announced it will formally exit OPEC and OPEC+ on May 1, marking the most dramatic member departure in the organization’s history and threatening to reshape global energy dynamics.
International oil prices surged as peace negotiations between the United States and Iran hit a roadblock, raising concerns about potential supply disruptions in the Middle East.