Brent crude hit the $114.70 a barrel level today as global oil prices extended gains amid stalled negotiations between the United States and Iran, alongside rising concerns over a prolonged blockade near the Strait of Hormuz.
Benchmark Brent Crude climbed above $114.70 per barrel, while West Texas Intermediate (WTI) surged past $103. As of early European trading, Brent futures rose nearly 3 percent to $114.50 after touching their highest level in more than a month. Similarly, WTI gained over 3 percent to reach $103.40 per barrel.
The rally followed reports indicating that the US administration plans to maintain a naval blockade in the Gulf of Oman, aiming to curb Iranian oil exports and revenues. Earlier this week, US President Donald Trump instructed aides to prepare for an extended blockade, according to officials cited by The Wall Street Journal.
Consequently, the oil futures market has begun reflecting the growing supply disruptions caused by restricted flows through the Strait of Hormuz, a critical global energy route. Analysts warned that delays in reopening the passage could intensify market volatility.
Bjarne Schieldrop, chief commodities analyst at SEB Bank, noted that expectations for reopening the strait continue to shift further into the future. He cautioned that if the disruption persists into June or July, the world could face a severe supply crunch.
Moreover, prolonged closure risks forcing countries to reduce oil consumption to match limited availability. Therefore, market participants remain highly sensitive to geopolitical developments, as uncertainty surrounding the conflict continues to drive price momentum and heighten concerns over global energy security.
