29.04.202608:25:55UTC+00Brent Rises Toward 4-Year High

Brent crude futures rose above $114 per barrel on Wednesday, their highest level since June 2022, marking an eighth consecutive session of gains as worries over global supply deepened. Prices were bolstered by stalled US-Iran nuclear negotiations and the effective continued closure of the Strait of Hormuz, a vital chokepoint for global energy shipments. President Donald Trump said Iran has demanded that the US lift its naval blockade while talks proceed, but disruptions have already sharply reduced exports from the Middle East. The shutdown of the strait, which normally carries about 20% of the world’s seaborne oil trade, has triggered what the International Energy Agency has called the largest supply shock on record. At the same time, Washington is ratcheting up pressure with possible sanctions on Chinese refiners and on countries paying transit fees for shipments through Hormuz. Separately, the UAE announced it will withdraw from OPEC next month to gain greater flexibility in managing its oil production.