Brent July futures rose 0.4% to $110.87 a barrel in Asian trade on 1 May 2026, driven by Iran‑related supply concerns.
WTI June contracts remained flat at $105.20 a barrel while Brent June had just expired after reaching a four‑year high above $126.
President Donald Trump signaled continued naval blockade and military action against Iran, raising fears of Hormuz closure affecting 20% of oil supply.
ANZ analysts note narrowing paper‑physical market gap and emerging tightness, supporting near‑term price upside.