Back to today’s briefing

Story perspectives

Trump Criticizes Iran; Brent Hits $111 Amid Hormuz Closure

4/29/2026

47 9 Full Breakdown

Summary

Trump Unhappy

President Donald Trump said he was unhappy with Iran’s proposal as Brent rose to $111.
Brent June futures climbed 3% to $111.60 while WTI June futures rose 3.7% to $100.09.
The Strait of Hormuz stayed shut after six Iranian tankers were turned back and two vessels attempted crossing.
Analysts warn a 13 million-barrel-per-day shortfall and ING raised its Q2 Brent outlook to $104, citing the UAE’s May 1 OPEC exit and Hormuz flows.

Summary

BOJ Cuts Growth

The Bank of Japan raised its inflation forecast and cut its growth projection in half because of surging oil prices.
U.S. regular gasoline averaged $4.11 per gallon on Monday, while the 10-year Treasury yield rose to 4.33 % from 4.31 % on inflation worries.
Federal Reserve Chair Jerome Powell, the European Central Bank and the Bank of England are expected to keep rates unchanged amid inflation worries from higher energy costs.

History

Historical Context

During the October 1973 Arab oil embargo, OAPEC—led by Saudi Arabia—cut output by 5 million barrels per day and barred the United States, the United Kingdom and Japan, driving crude from about $3 to $12 per barrel, a four-fold rise. The shock forced Western governments to create strategic reserves and energy-conservation policies. Today Brent’s surge above $111 echoes that 1973 price spike and its inflationary legacy.

1 of 3

Trump Unhappy

President Donald Trump said he was unhappy with Iran’s proposal as Brent rose to $111.
Brent June futures climbed 3% to $111.60 while WTI June futures rose 3.7% to $100.09.
The Strait of Hormuz stayed shut after six Iranian tankers were turned back and two vessels attempted crossing.
Analysts warn a 13 million-barrel-per-day shortfall and ING raised its Q2 Brent outlook to $104, citing the UAE’s May 1 OPEC exit and Hormuz flows.

1 / 3