- Brent crude oil prices surged above 119 dollars per barrel on April 29, 2026, as the naval blockade of Iranian ports by the Trump administration continues to restrict global supply.
- Iranian Parliament Speaker Mohammad Bagher Ghalibaf is reportedly managing indirect negotiations with the United States through Pakistani mediators following a breakdown in direct talks.
- President Trump has rejected a recent Iranian proposal to reopen the Strait of Hormuz in exchange for lifting the blockade, insisting that nuclear negotiations cannot be delayed.
- Market analysts warn that a prolonged closure of the Strait of Hormuz, which handles nearly 25 percent of the world seaborne oil, could push prices toward the 140 dollar mark.
- The Pentagon has estimated the cost of the ongoing conflict and blockade at approximately 25 billion dollars as the US maintains its pressure campaign on Tehran.
Iranian speaker Ghalibaf warns of oil hitting 140 dollars amid US blockade
Apr 29, 2026, 9:24:54 PM UTC(1 day ago)
Impact: Medium
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From:@WatcherGuru
JUST IN: 🇮🇷🇺🇸 Iranian Parliament Speaker Ghalibaf says President Trump "cranked oil up to $120" from the US blockade in the Strait of Hormuz.
"Next stop: $140"
