Brent Crude Futures At Four-Year High Of $115 As Hormuz Chokehold Intensifies

Brent crude futures climbed above $115 per barrel on Wednesday. This marks the highest level since June 2022. Brent has seen an eighth straight session of gains as concerns over global supply intensify. The price action reflects a market caught between tentative ceasefire developments and the reality of constrained Middle East supply.

Comments from Donald Trump added to the cautious tone. He indicated that Iran has sought relief from a US-led naval blockade in exchange for progress in negotiations, underscoring how central the strait remains to any resolution.

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The Strait of Hormuz — responsible for a significant share of global oil and gas flows — has been nearly impassable since hostilities escalated in late February. The disruption has choked off shipments of crude and refined products, sending shockwaves through global energy markets. The International Energy Agency has described the situation as one of the largest supply shocks on record, amplifying fears of renewed inflation pressures globally.

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While a ceasefire has broadly held since early April, negotiations remain stalled. The blockade is beginning to strain Iran's own system, with storage capacity filling up rapidly — a dynamic that could force production cuts if exports don't resume soon.

Meanwhile, Washington is stepping up pressure with potential sanctions targeting Chinese refiners and countries paying transit fees through teh Strait of Hormuz. In a separate development, the UAE said it will exit OPEC next month to gain more flexibility in adjusting production.

ALSO READ: UAE Quits OPEC, OPEC+ Amid Iran War-Triggered Blow To Oil Market

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