By JBizNews Desk
NEW YORK — April 30, 2026
Brent crude climbed above $125 per barrel in overnight trading Thursday, extending its sharp rally as the U.S.-Iran naval blockade showed no signs of easing and global supply disruptions intensified.
President Trump reiterated late Wednesday that the blockade will remain in place until Iran agrees to a new nuclear deal, sending energy markets into a fresh frenzy. The effective closure of the Strait of Hormuz has now halted roughly 20% of global oil shipments, creating the largest supply shock on record according to the International Energy Agency.
Business Implications
The latest spike is amplifying inflation fears worldwide and adding fresh pressure on central banks already navigating the Fed’s divided rate decision. Emerging markets like India are seeing their currencies weaken further, while U.S. consumers and businesses face higher gasoline and energy costs heading into summer. Energy stocks are set to open sharply higher in pre-market trading.
— JBizNews Desk
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