Oil prices soared on Wednesday, with Brent crude exceeding $115 a barrel, driven by continued tensions in the Strait of Hormuz. The lack of progress in securing safe passage for tankers is fueling supply concerns and driving up prices. Analysts are closely monitoring the situation, warning of potential further increases and economic impacts.
Oil futures rallied sharply on Wednesday, with the key Brent contract nearing levels not seen since the early stages of the Iran war, as ongoing disruptions in the Strait of Hormuz continue to fuel supply concerns.
Brent for June delivery BRNM26 reached as high as $115.43 a barrel, while West Texas Intermediate (WTI) climbed over 3%. The impasse surrounding safe passage for oil tankers through the vital waterway is driving the price increases.
A crude-oil tanker unloads at the oil terminal of the port in Qingdao, in China’s eastern Shandong province, on April 28, 2026. Photo: -/CN-STR/Agence France-Presse/Getty Images
The situation remains fluid, with no immediate resolution in sight. Analysts warn that further escalation could push oil prices even higher, potentially impacting global economic growth.
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