MW The key global oil contract tops $115 as Strait of Hormuz impasse continues
By Steve Goldstein
A crude-oil tanker unloads at the oil terminal of the port in Qingdao, in China's eastern Shandong province, on April 28, 2026.
Oil futures rallied further on Wednesday, with the key contract nearing its highs since the early days of the Iran war, as little progress has been made on getting oil tankers through the Strait of Hormuz.
Brent for June delivery (BRNM26) rose as high as $115.43 a barrel, as the West Texas Intermediate contract rose over 3%.
The Brent contract traded as high as $119.20 when the war started.
President Donald Trump, in the early hours, posted a mock image of him carrying a machine gun with the caption, "No more Mr. Nice Guy," as he assailed Iran's unwillingness to come to an agreement on nuclear weapons.
Iranian news outlets, meanwhile, played down the risk from its own oil infrastructure being damaged if storage is filled up due to the U.S. blockade of Iranian ships. U.S. Energy Secretary Chris Wright on Tuesday said that the issue could bring the Iranians back to the negotiating table.
The United Arab Emirates' decision to exit the OPEC oil cartel on Tuesday is being ignored for now, as the country has effectively no way to get its energy exports to the world.
"Traders now focus on the next steps in peace talks and today's U.S. inventory report for further signs of how quickly U.S. stockpiles are falling amid robust export demand," said analysts at Saxo Bank. That inventory report is due at 10:30 a.m. Eastern.
-Steve Goldstein
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
April 29, 2026 07:44 ET (11:44 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments