Oil price jumps to $115 after reports of 'extended' Iran blockade

Author: bbc.comPublished on: April 29, 2026Country: United States

Business & Economy

Oil price jumps to $115 after reports of 'extended' Iran blockade

Oil prices surged following reports that the US is preparing for an extended blockade of Iran. Brent crude rose to around $115 a barrel, up from $110 the previous evening. President Donald Trump instructed aides to prepare the blockade to squeeze Iran's economy, while Iran stated it would continue to disrupt traffic through the Strait of Hormuz in response. The World Bank forecasts a 24% surge in energy prices in 2026 if disruptions from the Iran war end in May.

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