Brent crude rises above $120 as U.S.-Iran talks stall and Strait of Hormuz disruptions persist

Wednesday, April 29, 2026Business & MarketsWell-covered3 frames

Brent crude rose above $120 a barrel and reached its highest level since 2022.
Oil prices rose as U.S.-Iran talks remained stalled, increasing doubts about a near-term reopening of the Strait of Hormuz and an end to the conflict.
Reports said the United States was prepared to continue its naval blockade of Iranian ports, which markets interpreted as a sign that supply disruptions could last longer.
Shipping through the Strait of Hormuz has been disrupted or closed, affecting oil tanker traffic and contributing to higher oil prices.
U.S. West Texas Intermediate crude also rose above $107 a barrel as oil markets extended their rally.
Before the war began in late February, Brent crude had been trading around $70 a barrel, underscoring how much prices have risen during the conflict.
The price surge has spilled into wider markets, with investors and analysts warning that higher crude prices could raise inflation and weigh on economic growth and some stock sectors.
What remains unresolved is whether negotiations will resume and whether the Strait of Hormuz and Iranian ports will reopen soon enough to ease supply concerns.

Brent crude rose above $120 a barrel and reached its highest level since 2022.
Oil prices rose as U.S.-Iran talks remained stalled, increasing doubts about a near-term reopening of the Strait of Hormuz and an end to the conflict.
Reports said the United States was prepared to continue its naval blockade of Iranian ports, which markets interpreted as a sign that supply disruptions could last longer.
Shipping through the Strait of Hormuz has been disrupted or closed, affecting oil tanker traffic and contributing to higher oil prices.
U.S. West Texas Intermediate crude also rose above $107 a barrel as oil markets extended their rally.
Before the war began in late February, Brent crude had been trading around $70 a barrel, underscoring how much prices have risen during the conflict.
The price surge has spilled into wider markets, with investors and analysts warning that higher crude prices could raise inflation and weigh on economic growth and some stock sectors.
What remains unresolved is whether negotiations will resume and whether the Strait of Hormuz and Iranian ports will reopen soon enough to ease supply concerns.