Oil prices rise again with little sign of war on Iran ending
Oil prices rose significantly amid ongoing tensions in the Iran conflict, with Brent crude futures reaching $126.41 a barrel as the Strait of Hormuz remains blocked. Diplomatic efforts, including a Pakistan-brokered ceasefire, have stalled, and Iranian officials warn against expecting quick resolutions. Global concerns grow over prolonged disruption to the vital oil transit route, with potential impacts on inflation, economic growth, and global poverty levels.
- ▪Brent crude futures hit $126.41 a barrel on Thursday, the highest level since March 2022, before expiring.
- ▪The Pakistan-brokered ceasefire between the US and Iran has been in place since April 8 but has not led to a resolution.
- ▪Iran continues to block the Strait of Hormuz, a critical passage for one-fifth of the world’s oil and LNG shipments.
- ▪UN Secretary-General Antonio Guterres warned of global economic damage if the strait remains closed beyond mid-year.
- ▪US President Donald Trump has directed American oil companies to prepare for a prolonged blockade of Iranian ports.
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News|Oil and GasOil prices rise again with little sign of war on Iran endingBrent crude futures hit $126.41 on Thursday – a 5 percent rise for the week.ListenListen (3 mins)SaveClick here to share on social mediashare-nodesSharefacebookxwhatsapp-strokecopylinkgoogleAdd Al Jazeera on GoogleinfoPeople walk past a billboard with a graphic design depicting Iran's control of the Strait of Hormuz on a building in Tehran, Iran, on April 27, 2026 [Majid Asgaripour/WANA (West Asia News Agency) via Reuters]By Al Jazeera Staff and ReutersPublished On 1 May 20261 May 2026Oil prices are spiking again as efforts to resolve the Iran war remain at an impasse, with Tehran continuing to block the Strait of Hormuz and the United States Navy blockading Iranian ports and exports of Iranian crude.On Friday,…
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