Overview
- Brent briefly jumped to about $126 a barrel before easing below $115, while U.S. crude held above $100.
- Prices climbed after reports that President Donald Trump told aides to prepare for a longer blockade of Iranian ports to pressure its economy.
- Shipping through the Strait of Hormuz, the narrow route that carries a large share of seaborne oil and liquefied natural gas, remains largely restricted as Iran curbs transits and the U.S. blocks ports.
- Traders weighed the UAE plan to leave OPEC on May 1, which could allow more output later but brings little near-term relief while the strait stays constrained.
- The World Bank forecasts a steep rise in commodity costs this year and warns oil above $100 could worsen food insecurity.