Hong Kong (AFP) – The price of Brent oil reached highs not seen since 2022, exceeding $126 per barrel following the possibility of a prolonged blockage in the Strait of Hormuz. The paralysis of this strategic path, added to President Donald Trump's intention to maintain the naval encirclement of Iran for months, has generated fears of economic stagnation with high inflation globally.
First modification: 04/30/2026 - 12:17 Last modification: 04/30/2026 - 13:55
Oil prices soared again this Thursday in Asian markets, with a barrel of Brent above $126, a highest since 2022, after the United States mentioned the possibility of a prolonged blockade of the Strait of Hormuz.
Around 7:30 GMT, this contract from the North Sea and a reference for the world market rose 3.55% to $122.22, a four-year high.
For its part, West Texas Intermediate (WTI), a reference for the US market, advanced 1.43%, to $108.41. On Wednesday it had grown almost 7%.
Three hours earlier, a barrel of Brent rose 6.8% to $126.
This is the highest level since mid-2022, when the Russian military's invasion of Ukraine caused oil and gas prices to skyrocket.
Prices thus consolidated their strong gains on Wednesday given the possibility that a solution to reopen the Strait of Hormuz will take time to arrive, a strategic passage through which a fifth of the world's crude oil usually transits and which has been practically paralyzed since the end of February.
"The geopolitical context shows no signs of calm (...) Storage capacities are saturated (in the Gulf), exports are limited and the risk is no longer limited to the simple loss of supply, but now encompasses the lasting decline in production," warned Stephen Innes of SPI Asset Management.
According to a senior White House official, President Donald Trump mentioned to oil sector leaders a possible extension "for several months" of the siege that Washington has imposed on Iranian ports.
Meanwhile, Trump told the Axios news portal: "The blockade is somewhat more effective than the bombing. They are suffocating."
He added that naval action would not end until an agreement was reached with Tehran to address its nuclear program.
"With the Strait of Hormuz still closed, fears are growing of a prolonged staflationary shock," that is, weak growth coupled with high inflation, said economist Jim Reid of Deutsche Bank.
"The consequences in the markets are already being seen, especially sovereign bonds," whose yields are skyrocketing, he added.
Thus, the Tokyo Stock Exchange closed this Thursday with a drop of 1.1%; that of Hong Kong, at -1.3% and that of Shanghai, almost in balance (+0.1%).
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