Oil tops $115 as Iran war talks stall over the Strait of Hormuz

2 min readUpdated April 29, 2026

Brent crude oil prices rose above $115 a barrel on Wednesday, approaching heights last seen in the early days of the U.S.-Israeli war against Iran as negotiations over reopening the Strait of Hormuz remained deadlocked. The West Texas Intermediate oil benchmark was trading above $103 a barrel. Average U.S. gas prices had already reached their highest level in years on Tuesday.

The climb in oil prices followed reports that President Donald Trump plans to extend a blockade of Iranian ports, deepening concerns about prolonged supply disruptions through the Strait of Hormuz. The plan, reported by The Wall Street Journal, would maintain restrictions on vessels entering or leaving Iranian ports as a lever against Tehran's economy and energy sector. Trump posted on Truth Social, accusing Iran's leadership of failing to "get their act together."

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The WTI contract has gained more than 49% since the war against Iran started on Feb. 28. Brent hit $119 a barrel when the conflict began.

The United Arab Emirates' decision Tuesday to leave OPEC added another variable to an already turbulent market, though analysts said the development is unlikely to affect near-term supply. The Strait of Hormuz remains closed, leaving the UAE with no practical way to export its energy output regardless of its OPEC status. "There must be a resolution in the Gulf that allows for uninhibited energy flows through the Strait of Hormuz once again before the UAE's output increase can come into effect," analysts at ING wrote in a note reported by Reuters.

Oil tops $115 as Iran war talks stall over the Strait of Hormuz

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