30.04.202604:02:05UTC+00Oil Extends Rally as Iran War Intensifies

WTI crude futures climbed above $109 per barrel on Thursday, moving toward their highest levels since 2022, after reports that the US military would brief President Donald Trump on potential actions against Iran, intensifying concerns that the conflict could escalate further. Trump also reportedly rejected Tehran’s proposal and reiterated that the US would maintain its naval blockade until a nuclear agreement is reached, further dimming prospects for a diplomatic solution. In response, Iranian authorities warned of retaliation if the blockade continues, accusing Trump of attempting to force Tehran into submission through economic pressure and internal destabilization. At the same time, US inventory data showed sharp declines in crude and fuel stockpiles, while exports surged to record highs above 6 million barrels per day, underscoring tightening global supply conditions amid ongoing geopolitical turmoil.