Oil prices climbed 3% on Wednesday as the Brent contract reached its highest level in a month.
President Donald Trump recently instructed aides to prepare for this prolonged economic pressure on Iran’s oil exports.
Despite a ceasefire, the ongoing diplomatic deadlock prevents ships from navigating key Middle Eastern waterways freely.
Analysts expect worsening supply disruptions if the blockade continues to drive prices upward throughout the coming weeks.
Abu Dhabi National Oil Company now offers customers alternative loading points outside the Persian Gulf region.
Meanwhile, investors continue to assess the United Arab Emirates’ unexpected decision to withdraw from OPEC.
While the UAE’s exit signals weaker organizational cohesion, experts believe the immediate market impact remains limited.
Traders now await official U.S. inventory data following reports of a second consecutive weekly decline in stockpiles.
