Oil Prices Surge Amid Hormuz Tensions

Apr 28, 2026

63 min

Apr 28, 2026 22:30

Tensions push WTI near $100, Brent above $111 as Hormuz risk hangs over global energy markets

## Rising Oil Prices

Oil prices have surged significantly as tensions in the Strait of Hormuz continue to escalate. As of April 29, 2026, West Texas Intermediate (WTI) crude futures rose by 3.69% to nearly $100 per barrel, while Brent crude increased by almost 3% to over $111 per barrel. The Gulf's Murban crude also saw a rise, reaching $107.2.

## Geopolitical Factors

The primary driver of this price increase is the geopolitical stalemate in the Middle East, particularly the stalled negotiations between the United States and Iran. The Strait of Hormuz, a critical passage for about 20% of the world's crude oil and LNG, remains a focal point of concern due to restricted shipping activities.

## Market Reactions

Despite some tankers managing to navigate through the strait, traders remain cautious. The UAE's decision to exit OPEC and OPEC+ by May 1, 2026, adds to the market's uncertainty. Analysts predict a 24% rise in energy prices throughout the year, reaching levels not seen since the 2022 Ukraine conflict.

## Future Outlook

Experts from the World Bank and S&P Global suggest that even if the Strait of Hormuz reopens fully, the need to replenish inventories and tighter supply fundamentals will likely keep prices high for the rest of the year.

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