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2w ago

Oil Tops $120 as Trump Rejects Iran Offer and Signals Extended Blockade

The stance signals a longer supply squeeze with the Strait of Hormuz still largely shut.

Gas prices exceeding $8 a gallon are seen listed at a Chevron gas station in Los Angeles, California, on April 28.
A cargo ship sails in the Persian Gulf toward the Strait of Hormuz, Wednesday, April 22, 2026. (AP Photo)
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Overview

  • Brent crude pushed past $120 on Wednesday after President Trump rejected Tehran’s plan to reopen Hormuz without nuclear talks and said the U.S. blockade will continue.
  • The president met oil and trading executives on Tuesday to plan for a months‑long blockade of Iranian ports and to explore ways to limit pain at the pump for U.S. drivers.
  • Axios reported that U.S. Central Command has prepared options for short, powerful strikes to pressure Iran back into negotiations, deepening expectations of a drawn‑out standoff.
  • The United Arab Emirates will leave OPEC on May 1 to gain flexibility on output, though analysts say Hormuz restrictions and restart lags mean little near‑term relief for supplies.
  • Buyers turned to the U.S., with crude exports hitting a record above 6 million barrels a day, as banks warned large Gulf shut‑ins and rapid stock draws will lift inflation and weigh on growth.