US blockade of Iranian ports drives up oil prices

WORLD, April 29 (YPA) – Oil prices extended their rally for the eighth consecutive day, driven by reports of US plans to tighten the blockade on Iranian ports, a move that threatens to deepen supply disruptions in the Middle East.

Consequently, Brent crude rose by 0.47% to reach $111.78 per barrel, while US West Texas Intermediate (WTI) climbed 0.57% to settle at $100.50.

This upward momentum is fueled by geopolitical tensions following reports that the US administration is preparing for a prolonged blockade on Iranian oil exports and shipping.

These concerns are further amplified by a sharp decline in global inventories; data from the American Petroleum Institute (API) revealed a 1.79 million barrel drop in US crude stocks, as the closure of the Strait of Hormuz continues to accelerate the drawdown of global supplies.

YPA