Global Oil Prices Surge as Trump Plans to Extend Iran Naval Blockade

Global oil prices rose again after reports that the United States may extend its naval blockade of Iranian ports.

According to The Wall Street Journal, US President Donald Trump has instructed his aides to prepare for a possible extension of the blockade. The report, published late Tuesday (April 28), cited US officials.

The move is aimed at increasing pressure on Iran’s economy and restricting its oil exports. Concerns over supply disruptions quickly affected global energy markets.

On Wednesday morning, oil prices continued their upward trend.

Brent crude has risen for eight consecutive sessions. The June contract increased by 52 cents to $111.78 per barrel. The July contract also gained 0.4 percent, reaching $104.84 as the June contract nears expiry.

West Texas Intermediate (WTI) crude rose by 57 cents, or 0.57 percent, to $100.50 per barrel. It has increased in seven of the last eight trading sessions.

Analysts say fears of supply disruption through the Strait of Hormuz, along with a tougher US stance on Iran, are driving the market higher.