Oil Prices Surge 6% Amid Hormuz Shutdown

Oil prices jumped over 6% on April 29, with Brent June at $118.63, July at $110.87, and WTI at $106.78 per barrel.
Prices were driven by the continued closure of the Strait of Hormuz, U.S. naval blockade plans, and UAE’s exit from OPEC.
U.S. EIA reported commercial crude inventories fell 6.2 million barrels to 459.5 million, while exports hit a record 6.44 million bpd.
The Fed’s rate decision was expected to hold steady, with Chair Jerome Powell noting oil‑price impact on headline inflation remains uncertain.