Anonymousabout 2 hours ago
Brent crude surged above $118 per barrel on April 29, 2026, after President Trump rejected Iran's proposal to reopen the Strait of Hormuz and signaled an indefinite extension of the U.S. naval blockade of Iranian ports. The resulting "dual blockade" — Iran blocking the strait, the U.S. blocking Iran's ports — has disrupted roughly 20 million barrels per day of oil flow, creating what the IEA calls the largest supply disruption in the history of the global oil market, with cascading effects on inflation, consumer prices, and central bank policy worldwide.