At the close of trading, Brent crude futures for June 2026 delivery rose $3.03, or 2.8%, to $111.26 per barrel, marking a seven-session winning streak. Meanwhile, West Texas Intermediate (WTI) crude futures for June 2026 delivery gained $3.56, or 3.7%, to $99.93 per barrel, after briefly surpassing the $100 mark for the first time since April 13.
The upward momentum was somewhat dampened after the UAE – the fourth-largest producer in OPEC+ – announced it would leave the group from May 1st, dealing a blow to the oil export alliance and Saudi Arabia's leadership role.
John Kilduff, a partner at Again Capital, believes that under normal circumstances, this information would have a strong negative impact on the oil market and could trigger a major sell-off. He estimates that the UAE could quickly increase its output by 1 to 1.5 million barrels per day. However, with the Strait of Hormuz almost completely blocked, this additional oil supply is unlikely to flow, making it more likely that oil prices will continue their slow upward trend.
A U.S. official said President Donald Trump was unhappy with Iran's latest proposal to end the conflict. Iranian sources revealed that the proposal did not immediately address the nuclear issue, but would postpone discussions until after the fighting ended and shipping in the Gulf stabilized. This disagreement has stalled negotiations. Iran continues to block shipping through the Strait of Hormuz – a shipping lane that accounts for about 20% of the world's oil and liquefied natural gas supply – while the U.S. maintains its blockade of Iranian ports.
According to Jorge Leon, an analyst at Rystad Energy, stalled peace negotiations and the lack of a clear roadmap for reopening the Strait of Hormuz are leading the market to consider a scenario of prolonged disruption to a key global energy shipping route. Previous rounds of talks between the US and Iran also broke down last week after face-to-face meetings failed to yield results.
Data from Vortexa shows that crude oil inventories on tankers anchored for at least seven days rose to 153.11 million barrels as of April 24 – the highest level since January 2026 and a 25% increase from the 122.6 million barrels on April 17. The World Bank (WB) predicts global energy prices could rise 24% in 2026, reaching their highest level since Russia launched its military campaign in Ukraine, even as the most severe supply disruptions in the Middle East ease in May. The WB's baseline scenario assumes that shipping through the Strait of Hormuz will gradually recover by October 2026, but the risk remains strongly skewed toward further price increases.
According to data from the American Automobile Association (AAA), gasoline prices have risen to their highest level in nearly four years. Market sources, citing data from the American Petroleum Institute (API), reported that US gasoline inventories fell by 8.67 million barrels in the week ending April 24, while crude oil inventories also declined – a much sharper drop than analysts surveyed by Reuters had predicted. The US Energy Information Agency (EIA) is expected to release its official energy inventory report on April 29 (local time).
Source: https://baotintuc.vn/kinh-te/gia-dau-tho-brent-tang-7-phien-lien-tiep-20260429071230460.htm
Comment (0)