Building on last week's surge past $100, crude oil prices crossed $110 per barrel on April 29 for an eighth straight session. The rally intensified on reports of possible U.S. plans to extend the naval blockade on Iranian ports, heightening fears of prolonged Middle East supply disruptions via the Strait of Hormuz.
Oil benchmarks Brent and WTI surged past $110 on April 29, extending gains following the April 23 jump above $100 amid stalled US-Iran ceasefire talks. Traders reacted to The Economic Times reports of U.S. intentions to prolong the blockade, aimed at curbing Iran's oil exports amid escalating regional tensions. The Strait of Hormuz remains a critical chokepoint with restricted access, sustaining supply tightness after earlier disruptions like Iranian ship seizures. Analysts highlight these measures as the primary driver of the price rally, warning that extended restrictions could fuel global inflation by exacerbating energy shortages and hitting consumers worldwide.
