Brent crude oil surged to $115 a barrel after reports emerged that President Trump is preparing to extend a blockade of Iran’s ports, further disrupting global energy markets.
Oil markets jolted sharply upward on Wednesday as Brent crude climbed to $115 a barrel, driven by reports that the US is planning an “extended” blockade of Iranian ports.
The Wall Street Journal reported that Trump instructed aides to continue squeezing Iran’s economy through the blockade, having determined that resuming military strikes or withdrawing from the conflict carried greater risk. Iran, meanwhile, has vowed to keep disrupting traffic through the Strait of Hormuz — a critical passage carrying roughly 20% of global oil and gas supplies.
Trump publicly pressured Tehran, posting that the country “couldn’t get its act together.”
The World Bank has warned that energy prices could surge 24% in 2026 — their highest level since Russia’s invasion of Ukraine.