At the close of trading, Brent crude rose $4.16, or 4.4%, to $99.36 per barrel. Meanwhile, West Texas Intermediate (WTI) crude gained $2.51, or 2.6%, closing at $99.08 per barrel. Notably, earlier in the session, Brent crude had briefly surged by more than $8 per barrel and WTI crude by more than $9 per barrel.
Following the failure of negotiations, the US military announced it would blockade ships leaving Iranian ports. In response, Iran warned of retaliation targeting ports in neighboring Gulf states. Oil prices surged immediately after these announcements.
In a related development, Saudi Arabia announced that crude oil sales to China are expected to decrease in May. Meanwhile, European Commission President Ursula von der Leyen affirmed that member states must coordinate on energy prices, as the fossil fuel bill has increased by €22 billion (equivalent to $25.70 billion) since the Middle East conflict erupted.
Many countries have announced emergency support measures to cope with rising energy prices. Meanwhile, the Organization of Petroleum Exporting Countries (OPEC) has lowered its forecast for global oil demand in the second quarter of 2026.
