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.
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.
The UAE officially announces its withdrawal from OPEC and OPEC+, dealing a major blow to the oil cartel amid escalating regional tensions.
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.
Iran proposes reopening the Strait of Hormuz if the US lifts its blockade, while deferring nuclear negotiations. Trump and his national security team are skeptical of the offer.
International crude prices rallied sharply on the UAE’s OPEC withdrawal announcement, boosting energy stocks on Wall Street while tech giants face investor scrutiny over AI spending returns.