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Oil prices extend rally as Trump threatens Iran OPEC tension

Wednesday 29 April 2026 - 10:04
By: Dakir Madiha
Oil prices extend rally as Trump threatens Iran OPEC tension

Oil prices extended their upward momentum on Wednesday as geopolitical tensions intensified around Iran and global supply risks deepened. Traders reacted to renewed threats from United States President Donald Trump and escalating uncertainty in the Middle East, pushing crude benchmarks to multi month highs.

Brent crude futures climbed to 115.13 dollars per barrel, marking a gain of about 3.5 percent during mid morning trading in Europe. West Texas Intermediate rose to 103.69 dollars per barrel, up 3.7 percent, extending a rally that has now stretched for several consecutive sessions. Both benchmarks have surged sharply since the outbreak of conflict involving Iran earlier in the year.

Market pressure increased after reports that Washington may tighten restrictions on Iranian oil flows and shipping activity, particularly through the Strait of Hormuz. The strategic waterway remains one of the most critical global energy transit routes, and traders fear prolonged disruption could further tighten global supply. President Trump also issued a direct warning to Tehran, signaling continued pressure on Iran’s economy and energy exports.

Sentiment in energy markets was further shaped by unexpected developments in producer coordination. The United Arab Emirates’ decision to leave OPEC added another layer of uncertainty, although analysts suggested the immediate supply impact may remain limited. Investors focused instead on the broader risk of sustained instability in the Persian Gulf region and its potential effect on shipping and export flows.

The oil rally has been reinforced by stalled diplomatic efforts to ease tensions. With negotiations showing little progress, traders continue to price in a scenario of prolonged disruption. Market participants remain centered on the Strait of Hormuz and potential constraints on Iranian exports as the dominant drivers of price direction in the near term.

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