Gotrade News - Brent crude June futures jumped 6.2% to USD118.11 per barrel on Wednesday, April 29, 2026. The rally marks the highest level since June 2022 amid the prolonged Strait of Hormuz crisis.
WTI crude also climbed 6.8% to USD106.74 per barrel in the same session. According to Metrotvnews, the Brent July contract rose 5.8% to USD110.39 per barrel.
Key Takeaways
- Brent touched USD118.11 per barrel, its highest since June 2022 as global supply concerns deepened.
- President Trump rejected Iran's three-step peace proposal and extended the US naval blockade on Iranian ports.
- US oil majors such as Exxon Mobil and Chevron returned to investor focus.
What Drove the Oil Surge
The Strait of Hormuz remained sealed after the US and Iran locked into a prolonged diplomatic standoff. Trump argued the blockade was more effective than direct strikes and refused to ease pressure.
According to Al Jazeera, only 9 commercial vessels transited the Strait of Hormuz last week. That figure compares to a daily average of 129 transits before the February 28, 2026 conflict erupted.
Iran's Islamic Revolutionary Guard Corps had earlier seized two foreign cargo vessels citing security violations. The Strait of Hormuz historically channels about 20% of global oil supply.
The UAE formally exited OPEC+ in April, adding to supply uncertainty. The Federal Reserve also kept benchmark rates unchanged at its latest policy meeting.
What This Means for Energy Investors
We view the Brent surge to USD118 as a near-term tailwind for US oil producers. Stocks such as ConocoPhillips have historically been sensitive to global crude price moves.
The Energy Select Sector SPDR ETF offers diversified exposure across US oil and gas names. Investors should monitor the Hormuz crisis duration to gauge whether the energy rally can persist.
The main downside risk comes from a potential blockade easing if US-Iran talks resume. A sudden resolution could shave roughly USD10 per barrel off crude in a short window.
Sources
Metrotvnews, Harga Minyak Dunia Melejit Lebih dari 6, Brent Sentuh USD118 Barel, 2026. Al Jazeera, Oil Rises Above 106 Per Barrel as US, Iran Deadlocked in Strait of Hormuz, 2026.
