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Brent Crude Jumps Past 114 as Hormuz Tensions Spark Fear of Iran Export Disruption
Economy
Published on 29 April 2026
A stalled Iran deal is turning into long disruption
Oil prices surged on April 29 as Brent cracked above $114 and WTI topped $103, driven by escalating disruption near the Strait of Hormuz. Reports of stalled U.S. Iran negotiations and an extended U.S. naval blockade are shifting trader focus from short-term supply shocks to a longer squeeze on Iranian exports, with knock-on implications for gasoline, inflation expectations, and today’s Fed rate outlook.
- Brent rises above $114 and WTI stays over $103
- Hormuz disruption fears are centered on U.S. pressure on Iran
- Traders are pricing longer-than-expected supply constraints
- Rising crude can feed into gas prices and inflation expectations
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times