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Oil nears $120, US-Iran tensions send markets on alert

2026-04-29 20:44:08, Ekonomi CNA

Oil prices have risen sharply, approaching $120 per barrel, while tensions in the Strait of Hormuz have escalated following signals from US President Donald Trump for an extension of the naval blockade on Iran.

According to Reuters reports, Brent crude futures rose for the eighth consecutive day, reaching around $118-119 per barrel, the highest level in several weeks, as investors react to the risk of long-term supply disruptions.

The price increase comes as the United States is considering maintaining a blockade on Iranian ports, a development that has added uncertainty to global energy markets. President Trump has held meetings with executives of major oil companies to discuss the potential impact of a blockade that could last for months.

The Strait of Hormuz, one of the world's most important energy transport corridors, through which about a fifth of global oil supplies pass, has become a major flashpoint. Restrictions on maritime traffic and the blockade of Iranian ports have raised fears of major shortages in the market.

Analysts warn that the market is no longer seeing the crisis as temporary, while long-term oil contracts are reflecting expectations of a more prolonged supply crisis.

At the same time, geopolitical developments are increasing inflationary pressures globally, affecting energy, transportation and manufacturing costs. If the blockade continues, experts warn that oil prices could again exceed $120 and remain high for a longer period.

The current crisis is considered one of the largest energy supply disruptions in decades, bringing back into focus the risk that geopolitical tensions in the Middle East pose to the global economy./Reuters