"Brent crude climbed above $115 per barrel on April 29, marking an eighth straight session of gains as concerns over global supply intensified due to U.S.-Iran tensions."
"The IEA called the Strait of Hormuz shutdown the largest supply shock on record, with 20% of global oil flows halted, significantly impacting the market."
"Iran's economy is reportedly under severe strain, with 53.7% inflation, a record-low rial, and millions of job losses linked to the ongoing conflict."
Brent crude oil prices rose above $115 per barrel, the highest since June 2022, driven by concerns over global supply amid U.S.-Iran tensions. The Strait of Hormuz, crucial for 20% of global oil shipments, has seen tanker traffic restricted by Iran. Peace talks between the U.S. and Iran have stalled, and ongoing military pressures have led to a fragile ceasefire. Iran's economy faces severe challenges, including high inflation and a collapsing rial, as it continues to threaten disruptions in the Strait of Hormuz.
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