BBC News4/29/2026Business
Oil prices surge to highest this month as US prepares extended Iran blockade
Brent crude rises to over $117 a barrel as traders bet on prolonged Strait of Hormuz closure
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- Oil prices have surged to their highest level this month following reports that the US is preparing an extended blockade of Iran.
- Brent crude rose to over $117 a barrel on Wednesday, up from just over $110 on Tuesday, as traders bet on prolonged closure of the Strait of Hormuz.
- The meeting between Chevron and Trump signals the effective closure of the strategic shipping lane, which carries a fifth of the world's oil supply, could continue for weeks.
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Oil prices have surged to their highest level this month following reports that the US is preparing an extended blockade of Iran. Brent crude rose to over $117 a barrel on Wednesday, up from just over $110 on Tuesday, as traders bet on prolonged closure of the Strait of Hormuz. The meeting between Chevron and Trump signals the effective closure of the strategic shipping lane, which carries a fifth of the world's oil supply, could continue for weeks.
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This article was originally published by BBC News.
