Global oil prices climbed about 3% on Wednesday, pushing Brent crude to a one-month high near $114.59. The move followed reports that U.S. President Donald Trump plans to extend the blockade of Iranian ports, which could further prolong supply disruptions. Traders are watching Middle East output and shipping routes closely for fresh signals.
Oil prices extended an eight-session rally, with crude crossing $110 as fresh reports suggested the US may widen or extend a blockade of Iranian ports. The move is seen as pressure on Iran’s oil exports, potentially prolonging Middle East supply disruptions. Reduced access through the Strait of Hormuz has already tightened supplies, raising fresh inflation fears.
Your news, in seconds
Get the Beige app — every story in 60 words, updated hourly. Free on iOS & Android.
Swipe through stories, personalise your feed, and save articles for later — all on the app.
