Overview
- Following Tuesday's Wall Street Journal report on a longer U.S. blockade, Brent climbed more than 3% to trade around $115 and extended an eight‑session rally.
- The proposed extension targets Iranian ports and would keep tanker traffic through the Strait of Hormuz constrained as peace talks stall.
- The UAE, which said it will leave OPEC on Friday, signaled it wants freedom to raise output, though analysts say relief will wait until Hormuz reopens.
- The IEA has called the Hormuz shock the largest on record, with banks citing roughly 13–15 million barrels per day offline and extraordinary April stock draws after a 400 million‑barrel strategic release.
- Higher crude has started to hit consumers and markets, with U.S. gasoline averaging $4.18 on Tuesday and the World Bank forecasting energy prices up about 24% this year.