Brent hits a 1-month high as prolonged Hormuz disruption risk keeps the energy market under pressure

🛢️ Oil prices continued to climb on April 29, with Brent trading around $114 per barrel and WTI above $102 per barrel, extending the rally as the market remains driven by Middle East supply risks.
⚠️ The main focus now is the possibility of the U.S. extending its blockade of Iranian ports, while the Strait of Hormuz has remained under severe restrictions for more than 8 weeks. As a key route for global oil flows, even the risk of prolonged disruption is enough to keep the risk premium elevated.
📌 The rally is also supported by a second weekly decline in U.S. crude inventories, suggesting the physical market has limited room to absorb another supply shock. In this context, factors such as the UAE leaving OPEC/OPEC+ have not yet created a clear bearish impact in the short term.
🔎 For broader markets, higher oil prices are supportive for energy producers but add pressure on inflation, import costs, and risk sentiment across equities, crypto, and other risk assets. Volatility may remain high if geopolitical headlines continue to shift quickly.
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