Oil prices out of control! WTI crude surged 7% to break through $109, and Brent soared past $111! The US-Iran conflict continues to trigger supply panic.

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Affected by the breakdown of US-Iran peace talks and the blockade of the Strait of Hormuz, international oil prices spiraled out of control today (29th). WTI crude surged over 7% intraday, briefly breaking through the $109 mark, while Brent crude also surged past $111. Coupled with a sharp drop in US crude inventories and the black swan event of the UAE withdrawing from OPEC, market panic and risk premiums are rising rapidly, potentially bringing heavy inflationary pressure to the global macroeconomy. (Previous coverage: Shocking news! The UAE announced its withdrawal from OPEC and OPEC+ on May 1st, warning that increased oil production could trigger a global price war.) (Background: UAE Central Bank warns the US for "Dollar rescue": If not provided, they will switch to RMB for oil sales, posing the most direct challenge to the petrodollar.) The international energy market is facing an epic supply chain storm. Under the fierce onslaught of geopolitical tensions and multiple supply-side headwinds, global crude oil prices have experienced a destructive surge. According to the latest real-time market quotes, international crude oil prices spiraled out of control today (29th). WTI crude jumped from the previous trading day's close of $99.93, hitting a high of nearly $109 intraday, with a single-day gain of 7% to 7.5%. Meanwhile, Brent crude also launched an offensive, successfully breaking through $111. US-Iran conflict chokepoint! The Strait of Hormuz disruption Exploring the core driving force behind this runaway oil price, the primary factor is the comprehensive deterioration of geopolitics in the Middle East. As negotiations between the US and Iran regarding the nuclear deal and ceasefire have stalled (with the US rejecting Iran's proposal for prior unfreezing of assets), shipping through the world's most important energy chokepoint, the Strait of Hormuz, is facing substantial blockade and threats. This geopolitical conflict has directly led to the forced interruption of millions of barrels of daily crude oil supply from the Middle East, triggering extreme panic among global buyers. Inventory plunge meets UAE withdrawal, risk premiums skyrocket Furthermore, multiple supply-side headwinds have exacerbated market anxiety over a "long-term oil shortage." The latest data released by the EIA shows a significant decline in US crude inventories. Added to this is the recent unexpected announcement by the UAE that it will withdraw from the OPEC and OPEC+ alliance in May, completely disrupting the pricing mechanism of the crude oil market and expectations for future production coordination. Traders' fears of long-term supply shortages are fueling a rapid surge in oil price risk premiums. Market analysts warn that if oil prices remain firmly above $100, it will not only trigger a new round of global inflation but may also completely disrupt the Fed's interest rate cut path, posing significant pressure on risk assets, including cryptocurrencies.

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Published:2026-04-29 16:37:35

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