Atilla 2 oil tanker boat sails through the waters of Qeshm Island in the Strait of Hormuz, Iran, April 28, 2026.
Asghar Besharati | Getty Images
Oil prices rose more than 6% on Wednesday after President Donald Trump said the United States would maintain a naval blockade against Iran until a nuclear deal is agreed.
international benchmark brent Crude oil futures were up more than 6% at $118.33 a barrel by 12:10 p.m. ET. west texas intermediate Futures also rose more than 6% to $106.37 per barrel.
“Blockades are somewhat more effective than bombing,” President Trump told Axios on Wednesday. “They’re being suffocated like stuffed pigs. It’s going to be even worse for them. They can’t have nuclear weapons.”
Attempts to continue negotiations to end the war have stalled in recent days. Iran refuses to reopen the Strait of Hormuz until the US lifts the blockade. Tehran’s control of the strait has hindered oil exports from the Middle East.
Energy market participants are also digesting the impact of the UAE’s sudden decision to leave OPEC, although analysts say the move is likely to have limited market impact given the ongoing Middle East crisis.
Strategists at Dutch bank ING said in a research note published Wednesday that the UAE’s departure from the oil-producing group would be a “major blow” to OPEC and “while it would undermine OPEC’s influence in the oil market, it would also be beneficial for importers and consumers, and would no doubt be welcomed by President Trump.”
“However, in the short term, the biggest drivers of oil prices remain developments in the Persian Gulf and the timing of the resumption of oil flows through the Strait of Hormuz,” they added.
