Trump suggests naval blockade on Iran's ports could be active for months
International crude oil prices reacted with sharp increases this Wednesday, April 29, pushing the Brent barrel above $116 and WTI close to $105 at 14:15 GMT.
TL;DR
- International crude oil prices increased significantly on April 29th.
- Brent crude surpassed $116 per barrel, and WTI neared $105.
- The price surge is linked to President Trump's potential extension of the naval blockade on Iran's ports.
- Trump views the blockade as a more effective strategy than direct military intervention.
- White House officials met with oil industry leaders to discuss the blockade's continuation and its impact on global oil markets and US consumers.
- Iran insists the Strait of Hormuz will remain closed until the US blockade on its ports is lifted.