WTI crude oil surged by 3%, BRENT broke $111! Ninth week of the Strait of Hormuz blockade

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WTI crude oil gains once expanded to 3%, trading at approximately $99; Brent crude is currently up about 2.46%, breaking through $111, the highest level since March. The main driver behind the rise in oil prices remains the deadlock over the blockade of the Strait of Hormuz, as Iran's new proposal was rejected by Trump, with the core of the negotiations between the two sides remaining at odds. (Previous coverage: Iran initiates request for talks: Witkoff and Kushner fly to Pakistan on Saturday; White House says it has "moved to the diplomatic phase") (Background: Hormuz blockade unresolved: War risk insurance premiums soar 32-fold, requiring Iranian official documents for coverage) Prices rose again, with WTI crude oil gains once expanding to 3%, trading at approximately $99; Brent crude is currently up about 2.46%, breaking through $111, reaching its highest level since late April. The main drivers behind the rise in oil prices remain the US-Iran conflict and the deadlock over the blockade of the Strait of Hormuz. According to CNBC, Iran recently proposed a new plan through Pakistan, with conditions including the lifting of the maritime blockade by the US, revisions to the framework for passage through the strait, and a commitment to refrain from military action; however, Trump is dissatisfied with this, and the nuclear program remains the core point of contention. The Strait of Hormuz carries approximately 20% of global energy consumption, and the blockade has lasted for nine weeks. The International Energy Agency (IEA) has warned that this is an unprecedented supply shock. The Abu Dhabi National Oil Company (ADNOC) is currently directing international crude oil buyers to shift their loading ports to the Port of Fujairah in the Gulf of Oman to reduce obstacles to energy transportation. US-Iran negotiations and oil price trends are fundamentally tied together; as long as the strait remains closed, global systemic risk will remain stuck on crude oil.

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Published:2026-04-28 09:46:45

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