Oil prices rise amid Strait of Hormuz closure

Oil prices rose on Friday, May 1, 2026, as efforts to resolve the Iran war remained at an impasse, with Tehran still blocking the Strait of Hormuz and the United States Navy blocking exports ‌of Iranian crude.

Brent crude futures for July were up $1.04, or 0.94%, to $111.44 per barrel by 0421 GMT, while West Texas Intermediate futures had risen 41 cents, or 0.39%, to $105.48 per barrel.

Both benchmarks have posted gains across four straight months, with Brent’s June contract, which expired ⁠on Thursday, hitting $126.41 a barrel, the highest since March 2022.

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Oil prices have been on the rise since the end of February when the United States and Israel attacked Iran, resulting in the closure of the Strait of Hormuz and the disruption of shipments of around one-fifth of the world’s oil and liquefied natural gas supply. Brent gained 50% in March alone.

A ceasefire has been in place since April 8, but on Thursday evening, Iranian Foreign Ministry ‌spokesman Esmaeil ⁠Baghaei said it was not reasonable to expect quick results from U.S. talks.

“Expecting to reach a result in a short time, regardless of who the mediator is, in my opinion, is not very ⁠realistic,” Reuters Baghaei as saying.