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Originally published by Capital Business
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business
April 30, 2026
3h ago

Oil price soars above $118 after reports of ‘extended’ Iran blockade

Oil price soars above $118 after reports of ‘extended’ Iran blockade

Brent crude briefly hit $119 (£88) a barrel on Wednesday evening, the highest price so far this month and a rise of nearly 7% in one day. Kenya breaking news | Kenya news today |..

✨ Key Highlights

Oil prices have surged dramatically, with Brent crude briefly reaching $119 per barrel, following reports that the US is preparing for an 'extended' blockade of Iran.

  • Oil prices rose nearly 7% in one day.
  • President Donald Trump met with energy executives to discuss limiting the fallout from the conflict.
  • The blockade aims to squeeze Iran’s economy, which is already facing a deepening crisis with 53.7% annual inflation.

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