Brent crude hits $115 after reports of 'extended' Iran blockade
financeApr 29, 202651332
Brent crude jumped to about $115 a barrel after reports said Iran extended a blockade of shipping through the Strait of Hormuz. The move reflects renewed supply risk because the Strait of Hormuz is a major oil chokepoint and disruptions there can quickly tighten global crude availability. Higher crude raises the prospect of increased gasoline and heating costs worldwide and adds near-term volatility as traders monitor shipping and regional developments.