Skip to content

Brent crude hits $115 after reports of 'extended' Iran blockade

financeApr 29, 202621166

Brent crude jumped to about $115 a barrel after reports that Iran's blockade of shipping near the Strait of Hormuz may be extended and disruptions in the waterway continued. Traders pushed benchmark prices higher as the prospect of a longer blockade raises immediate seaborne supply risk from the Middle East. At roughly $115, the rally increases the chance of higher gasoline and heating costs for oil-importing countries and creates larger fiscal gaps for governments that budgeted on cheaper crude.

2 sources