Overview
- WTI June futures, which jumped Tuesday, closed at $99.93 a barrel after hitting $101.85 and marked the highest settlement in about three weeks.
- Buying picked up as the Strait of Hormuz stayed effectively closed and talks to end U.S.–Iran fighting showed no clear progress, stoking supply fears.
- The United Arab Emirates said it will leave OPEC on May 1, and the prospect of extra UAE output trimmed price gains during the session.
- The World Bank, in a report Tuesday, projected global energy prices will rise about 24% in 2026 and forecast Brent crude will average $86, assuming Hormuz shipments recover by late 2026.
- The bank warned higher energy and fertilizer costs could speed inflation and raise interest rates and debt, which would hit household budgets and farm costs through pricier transport and food.