Oil Prices Climb Amid Hormuz Strait Tensions

Apr 29, 2026

59 min

Apr 29, 2026 00:30

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

## Rising Oil Prices

Oil prices surged on April 29, 2026, as geopolitical tensions in the Strait of Hormuz intensified. The West Texas Intermediate (WTI) crude futures rose by 3.69% to nearly $100, while Brent Crude increased by almost 3% to over $111. Murban, a Gulf crude benchmark, also saw a rise to $107.2.

## Geopolitical Impact

The ongoing geopolitical deadlock in the Middle East, particularly the stalled negotiations between the US and Iran, has been a significant factor driving these price increases. The Strait of Hormuz, a critical passage for about 20% of the world's crude oil and LNG, remains a focal point of concern.

## Market Reactions

Despite some tankers managing to navigate through the strait, traders remain cautious. Iran's proposals to reopen the waterway in exchange for delaying nuclear talks have not alleviated market fears. Analysts predict that energy prices could rise by 24% in 2026, reaching levels not seen since the Ukraine conflict in 2022.

## Future Outlook

Experts from the World Bank and S&P Global suggest that even if the strait's traffic normalizes, the need to replenish inventories and tighter supply fundamentals will likely keep prices high throughout the year.

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