CNBC4/29/2026Energy
Oil Prices Surge 6% on Trump Iran Blockade Threat
Brent crude hits $118.33, WTI reaches $106.37 as Middle East tensions escalate; UAE quits OPEC
Quick Look
- Oil prices jumped more than 6% Wednesday after President Trump said he will maintain the U.S. naval blockade against Iran until they agree to a nuclear deal.
- Brent crude futures rose to $118.33 per barrel and WTI to $106.37 per barrel.
- Trump told Axios the blockade is 'more effective than the bombing' as Iran refuses to reopen the Strait of Hormuz.
AI-generated summary
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Oil prices jumped more than 6% Wednesday after President Trump said he will maintain the U.S. naval blockade against Iran until they agree to a nuclear deal. Brent crude futures rose to $118.33 per barrel and WTI to $106.37 per barrel. Trump told Axios the blockade is 'more effective than the bombing' as Iran refuses to reopen the Strait of Hormuz. Meanwhile, the UAE's decision to quit OPEC represents a 'big blow' to the oil producer group, analysts said.
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This article was originally published by CNBC.
