Oil prices are rising as the blockade of Iranian ports continues
Global oil prices are rising steadily on Wednesday, April 29, 2026, due to escalating tensions in the Middle East and uncertainty regarding future supplies. The price of June Brent futures on the London ICE exchange rose by nearly 3% to $114.57 per barrel.
The Wall Street Journal reports this, noting that prices are being supported by U.S. President Donald Trump’s directive to prepare for a prolonged blockade of Iranian ports.
Analysts warn that a prolonged blockade of the Strait of Hormuz will critically disrupt energy logistics, pushing prices higher. An additional factor contributing to volatility was the United Arab Emirates’ announcement of its withdrawal from OPEC due to disagreements over quota policy. Experts from ING and ANZ note that this move signals a weakening of unity within the organization, although its actual impact on the market will only be felt after the situation in the region stabilizes.
Meanwhile, data from the American Petroleum Institute showed an unexpected decline in U.S. reserves by 1.79 million barrels, which is also fueling market volatility. Amid the energy crisis caused by the war, Ukraine is stepping up attacks on oil refineries in Russia, which is putting additional pressure on global fuel supply. Investors are awaiting official data from the U.S. Department of Energy, which should confirm inventory levels and determine the future direction of prices.
U.S. President Donald Trump has ordered the U.S. Navy to prepare for a prolonged blockade of the Strait of Hormuz, seeking to maximize economic pressure on Iran. The war has been ongoing for three months, and the new strategy could significantly alter the balance of power in the region.
Prior to this, French President Emmanuel Macron announced active diplomatic efforts aimed at restoring free navigation in the Strait of Hormuz. During a visit to Andorra, he emphasized that he is negotiating with both Donald Trump and the Iranian side to resolve the energy crisis “at its root.”
Iran has presented the United States with a new proposal to resolve the situation surrounding the Strait of Hormuz and end the war. At the same time, Tehran is proposing to postpone nuclear negotiations to a later stage.
U.S. Secretary of State Marco Rubio stated that Iran continues to attempt to maintain control over the Strait of Hormuz. He emphasized that such approaches are unacceptable to the United States and underscored the importance of freedom of navigation in the region.
