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30.04.202604:03:38UTC+00Brent Extends Rally as Iran War Intensifies

Brent crude futures surged past $113 per barrel on Thursday, hitting their highest level since 2022 after reports that the US military would brief President Donald Trump on potential action against Iran, intensifying concerns over a further escalation of the conflict. Trump also reportedly rejected Tehran’s proposal and reiterated that the United States will uphold its naval blockade until a nuclear agreement is reached, further dimming hopes for a diplomatic breakthrough. Iranian officials warned they would retaliate if the blockade persists, accusing Trump of seeking to subdue Tehran through economic pressure and efforts to foment internal instability. At the same time, US inventory data showed sharp declines in crude and fuel stockpiles, while exports climbed to a record high above 6 million barrels per day, underscoring tightening global supply conditions amid ongoing geopolitical turmoil.

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