Oil prices soar on fears of long supply disruption, US siege of Iran ports
Published on April 30, 2026.
Oil prices have surged by over 6% due to concerns about prolonged supply disruption in the Strait of Hormuz and a potential US siege of Iranian ports. US crude settled up 6.95% at $106.88 per barrel on Wednesday, and Brent crude, the international benchmark, was up by 6.08% or $6.77, at $118.03 after earlier touching its highest price since June 2022. The price of Brent crude continued to rise on Thursday to $119.94 per barrel. Meanwhile, the Pentagon revealed that the war on Iran has cost the US military $25bn so far. US President Donald Trump has met with oil firms to discuss ways to mitigate the impact of the potential months-long siege of Iran ports.
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