Brent crude tops $115 as Trump escalates Iran tensions

Oil prices climbed further amid reports of a potential U.S. extension of the Iranian port blockade and ongoing geopolitical uncertainty.

By Handelsavisen 2026-04-29 09:31 UTC · 1 min read

PreviousU.S. warns banks of sanctions risk over China ‘teapot’ refineries handling Iranian oil →

Brent crude tops $115 as Trump escalates Iran tensions

LIVE

Active Update Window · updated 2026-04-29 09:31 UTCThis story updates earlier coverage: U.S. warns banks of sanctions risk over China ‘teapot’ refineries handling Iranian oil

According to CNBC, the latest move higher comes amid reports that the U.S. will look to extend its blockade of Iranian ports.

Oil prices advanced on Wednesday as traders reacted to U.S. President Donald Trump's renewed threats against Iran and the United Arab Emirates' unexpected exit from OPEC.

International benchmark Brent crude surpassed $115 per barrel, reflecting heightened concerns over supply stability in the region.

International benchmark Brent crude surpassed $115 per barrel, reflecting heightened concerns over supply stability in the region.

The broader energy market remains underpinned by a fragile balance between supply constraints and demand resilience.