Oil prices soar on fears of long supply disruption, US siege of Iran ports
Oil prices surged over 6 percent due to concerns about prolonged supply disruptions in the Strait of Hormuz and the ongoing US siege of Iranian ports amid a two-month-long conflict involving the US and Israel. The White House held talks with US oil companies to assess ways to sustain the blockade for months while minimizing impacts on domestic fuel prices. Despite the UAE's announcement to leave OPEC, analysts say the move is unlikely to immediately affect global supply due to current regional export constraints.
- ▪US crude settled up 6.95 percent at $106.88 per barrel, while Brent crude rose 6.08 percent to $118.03, reaching its highest level since June 2022.
- ▪The Pentagon disclosed that the US military's involvement in the war on Iran has cost $25 billion so far.
- ▪President Trump met with US oil executives to discuss sustaining the blockade of Iranian ports and reducing impacts on American consumers.
- ▪The UAE announced it would leave OPEC and OPEC+ effective May 1, a move experts attribute to long-standing dissatisfaction with production caps.
- ▪Analysts say the UAE’s exit from OPEC will not immediately impact global oil markets due to export disruptions caused by Iran’s control of the Strait of Hormuz.
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News|US-Israel war on IranOil prices soar on fears of long supply disruption, US siege of Iran portsUS President Trump meets with oil firms over ways to minimise impact on fuel supplies amid US blockade of Iranian ports.ListenListen (4 mins)SaveClick here to share on social mediashare-nodesSharefacebookxwhatsapp-strokecopylinkgoogleAdd Al Jazeera on GoogleinfoOil wells at the San Ardo oilfield in San Ardo, California, in March 2026 [File: Nic Coury/AP Photo]By Al Jazeera Staff and ReutersPublished On 30 Apr 202630 Apr 2026Oil prices soared more than 6 percent on worries about prolonged supply disruption in the Strait of Hormuz and fears of a lengthy US siege of Iranian ports, settling at their highest levels in weeks.US crude settled up 6.95 percent at $106.88 per barrel on Wednesday, and…
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