Oil Surpasses US$103 Amid US-Iran Tension and Doubts Over the Strait of Hormuz
Portafolio Journalist 04.29.2026 10:30 Updated: 04.29.2026 10:30
TL;DR
- US oil prices (WTI) rose 4% to $103.9 per barrel amid rising US-Iran tensions.
- Stalled negotiations between the US and Iran, coupled with critical statements from President Trump, have increased market uncertainty.
- Concerns over a potential prolonged blockage of the Strait of Hormuz, through which 20% of global oil passes, are driving up prices.
- The US is reportedly seeking additional guarantees regarding Iran's nuclear program and enriched uranium reserves for any deal.
- The UAE's exit from OPEC and OPEC+ adds further uncertainty to the global energy market.
- Negotiations remain stagnant, with a planned second round of talks in Pakistan failing to materialize.
- The oil market remains highly sensitive to any developments in the Middle East, with frozen negotiations and threats to strategic routes contributing to volatility.