Summary
- International oil prices extended their gains and moved above $110 a barrel as geopolitical risks in the Middle East intensified.
- Brent crude futures rose 7.75%% from the previous session to $112.49 a barrel, while WTI futures were trading little changed at $108.45 a barrel.
- Markets are watching whether persistent tensions around the Strait of Hormuz could fuel concerns over supply disruptions and keep upward pressure on oil prices.
Forecast Trend Report by Period
International oil prices climbed past $110 a barrel, extending their rally as geopolitical risks in the Middle East deepened.
As of 8 a.m. Korea time on April 30, Brent crude futures were up 7.75% from the previous session at $112.49 a barrel, according to Investing.com. West Texas Intermediate futures were trading at $108.45 a barrel, little changed from a day earlier.
The rise in oil prices reflects mounting geopolitical risks in the Middle East and the prospect of a prolonged maritime blockade.
On April 29, U.S. President Donald Trump told Axios he would keep the maritime blockade in place until Iran accepts U.S. demands tied to its nuclear program. The remarks rejected Iran's proposal to reopen the Strait of Hormuz first and put off nuclear talks until later.
Markets are watching whether tensions around the Strait of Hormuz continue, raising concerns about disruptions to crude supplies and sustaining upward pressure on oil prices.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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