Atilla 2 oil tanker boat sails through the waters of Qeshm Island in the Strait of Hormuz, Iran, April 28, 2026.
Asghar Besharati | Getty Images
Oil prices rose again on Wednesday as traders balanced the United Arab Emirates’ shock exit from OPEC with suggestions that a short-term end to the Iran war is unlikely.
international benchmark brent Crude oil futures for June delivery were trading 2.8% higher at $114.37 a barrel as of 7:18 a.m. ET, continuing to rise after posting seven straight positive sessions on Tuesday.
us west texas intermediate Futures for June delivery rose 3.3% to $103.18 per barrel. The WTI contract, which settled at 3.7% in the previous session, has risen more than 49% since the US-Israel-led war against Iran began on February 28.
The increase comes amid reports that the United States is considering expanding its blockade of Iranian ports, raising concerns that the turmoil through the strategically important Strait of Hormuz could be prolonged.
President Donald Trump is seeking to ratchet up pressure on Iran’s economy and oil exports by blocking entry and exit from Iranian ports, The Wall Street Journal reported Tuesday, citing U.S. officials.
The US president threatened Iran in a post on Truth Social on Wednesday, saying the country “better get smart soon!” He accused Iranian government leaders of failing to “get their act together.”
Efforts to continue negotiations to end the war appear to have stalled in recent days.
Energy market participants are also digesting the impact of the UAE’s sudden decision to leave OPEC, although analysts say the move is likely to have limited market impact given the ongoing Middle East crisis.
Strategists at Dutch bank ING said in a research note published Wednesday that the UAE’s departure from the oil-producing group would be a “major blow” to OPEC and “while it would undermine OPEC’s influence in the oil market, it would also be beneficial for importers and consumers, and would no doubt be welcomed by President Trump.”
“However, in the short term, the biggest driver of oil prices remains developments in the Persian Gulf and the timing of the resumption of oil flows through the Strait of Hormuz,” they added.
