Oil prices extend multi-day rally as Trump issues new threat to Iran; Brent tops $115 per barrel
Oil prices surged over 6% following President Trump's announcement to maintain the U.S. naval blockade against Iran. Brent crude futures closed at $118.03 per barrel, while U.S. West Texas Intermediate futures settled at $106.88 per barrel. Negotiations to resolve the conflict have stalled, with Iran refusing to reopen the Strait of Hormuz until the blockade is lifted.
- ▪Oil prices increased significantly after Trump's statement on Iran.
- ▪Brent crude futures reached $118.03 per barrel.
- ▪U.S. West Texas Intermediate futures settled at $106.88 per barrel.
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| Original publisher | CNBC — Top |
| Canonical URL | https://www.cnbc.com/2026/04/29/oil-prices-brent-wti-trump-iran.html |
| Publication time | Wed, 29 Apr 2026 09:29:20 GMT |
| Retrieval time | 2026-04-29T09:31:54.502Z |
| Last seen | 2026-04-29T09:31:54.502Z |
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Opening excerpt (first ~120 words) tap to expand
Oil prices jumped more than 6% on Wednesday, after President Donald Trump said he will maintain the U.S. naval blockade against Iran until they agreed to a nuclear deal. International benchmark Brent crude futures rose about 6% to close at $118.03 per barrel. U.S. West Texas Intermediate futures advanced nearly 7% to settle at $106.88 per barrel. "The blockade is somewhat more effective than the bombing," Trump told Axios on Wednesday. "They are choking like a stuffed pig, and it is going to be worse for them. They can't have a nuclear weapon." Attempts to continue negotiations to end the war have stalled in recent days. Iran has refused to reopen the Strait of Hormuz until the U.S. lifts its blockade. Tehran's control of the strait has choked off oil exports from the Middle East.
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