International oil prices surge over 5% to $117 per barrel following reports that Trump has instructed aides to prepare for an extended Iranian blockade of the Strait of Hormuz.
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 $119 a barrel on Wednesday, up nearly 7%, as reports emerged that the US is preparing to extend its blockade of Iranian ports, while Tehran threatens to continue disrupting shipping through the Strait of Hormuz.
Trump has reportedly instructed aides to prepare for a prolonged Hormuz Strait blockade, while Iran has proposed a three-stage plan to reopen the strait in exchange for lifting the US blockade.
Brent crude oil surged to approximately $117 per barrel amid reports that the US is preparing to extend its naval blockade of Iranian ports.
US President Trump says Iran has reached out asking Washington to lift its naval blockade on Iranian ports, but experts warn negotiations remain stalled as oil prices continue to climb.
Iranian Foreign Minister Araghchi conducts a 72-hour diplomatic sprint across three countries, proposing a plan to reopen the Strait of Hormuz while deferring nuclear negotiations with the US to a later stage.
President Trump expresses skepticism toward Iran’s proposal to reopen the Strait of Hormuz in exchange for lifting the blockade, dimming prospects for a near-term end to the conflict.
Trump is considering an Iran peace proposal as US-Iran talks hit an impasse. German Chancellor Merz says the US is ‘being humiliated by Iran’ as European patience wears thin. Meanwhile, a Russia-linked superyacht sails through the Hormuz blockade.
The UAE will formally exit OPEC on May 1, ending nearly six decades of membership. The energy minister said the move aims to gain greater freedom to expand production capacity, targeting 5 million barrels per day by 2027.