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Wed, 29 Apr 2026

Wed, 29 Apr 2026 Oil price jumps to $117 after reports of 'extended' Iran blockade

The price of crude oil has swung sharply as uncertainty over the war in the Middle East continues.

* Brent crude oil price rises to $117 (£86.71) per barrel, highest this month, after US prepares to extend blockade of Iran's ports.
* US President Donald Trump instructs aides to prepare for "extended" blockade in effort to squeeze Iran's economy.
* Iran threatens to disrupt traffic through Strait of Hormuz if US blockade is implemented.
* Price of oil has seen sharp swings since start of war, with Brent crude price currently higher than pre-conflict levels.
* Iranian economy faces deepening crisis, with rising inflation rate and falling currency value.
* Trump urges Iran to sign a deal, saying "they couldn't get their act together".
* World Bank forecasts energy prices will surge by 24% in 2026 if disruptions caused by Iran war persist.