Oil Prices Surge as president Trump Maintains Blockade on Iran


Asghar Besharati | Getty Images











By Lydia Ibrahim gasi 

Global oil prices climbed sharply on Wednesday after U.S. President Donald Trump said Washington would continue its naval blockade of Iran until a nuclear agreement is reached.

International benchmark Brent crude rose by more than 6 percent to settle at $118.03 per barrel, moving closer to the $120 mark. U.S. West Texas Intermediate (WTI) crude also recorded gains, rising nearly 7 percent to close at $106.88 per barrel.

The surge follows renewed concerns over prolonged disruptions to oil shipments through the Strait of Hormuz, a critical route for global energy supply.

Speaking on Wednesday, Trump defended the blockade, describing it as a more effective strategy than military action.
“The blockade is somewhat more effective than the bombing,” he said, adding that Iran was under increasing pressure. “They can’t have a nuclear weapon.”

Efforts to resume negotiations between Washington and Tehran have stalled in recent days. Iran has maintained that it will not reopen the Strait of Hormuz until the United States lifts its blockade on Iranian ports.

The continued standoff has significantly restricted oil exports from the region, heightening market uncertainty and driving prices upward.

Meanwhile, developments within the global oil market have added to the volatility. The United Arab Emirates recently announced its decision to withdraw from the Organization of the Petroleum Exporting Countries, a move analysts say could weaken the group’s influence over oil production and pricing.
Analysts at Dutch bank ING described the exit as “a big blow” to OPEC, noting that it may benefit oil-importing countries in the long term. However, they emphasized that the immediate driver of oil prices remains the geopolitical situation in the Persian Gulf.

According to the analysts, the timing of any resumption of oil flows through the Strait of Hormuz will be critical in determining market direction in the coming days.
Despite broader market developments, the ongoing tensions between the United States and Iran continue to dominate the outlook, with energy markets closely monitoring any signs of de-escalation.

Comments

  1. JoyApril 29, 2026 at 1:11 PM

    We pray they stop this fight it is really affecting us

    ReplyDelete
  2. EN DYApril 29, 2026 at 1:20 PM

    This is serious

    ReplyDelete
  3. isaac waziriApril 29, 2026 at 9:29 PM

    When is all this war going to end??
    It's really affect the people

    ReplyDelete
  4. Ishaya charityApril 30, 2026 at 1:16 AM

    But is it that peace is far from been reached 😞

    ReplyDelete
  5. KalbanApril 30, 2026 at 1:24 PM

    At this point peace is not even an option to this people

    ReplyDelete

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