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Commodity News Details
Weekly Crude Oil Review: Oil hits near four-year high on escalating US-Iran tensions
02-May-2026 13:09
Crude oil prices surged sharply this week, with WTI futures climbing above $110 per barrel to hit near four-year highs, as escalating US-Iran tensions raised fears of supply disruptions. Reports of potential US military action and continued naval blockade against Iran dampened hopes for a diplomatic resolution. Further supporting the rally, the World Bank projected a 24% rise in energy prices in 2026 amid Middle East tensions, while the UAE's decision to exit OPEC added to uncertainty over future supply dynamics. Oil was also supported as EIA noted that US crude oil inventories decreased by 6.2 million barrels during the week ending April 24. Global energy prices are expected to rise by approximately 24% this year, according to the baseline forecast, which anticipates that the most severe supply disruptions will end in May. World Bank's Commodity Markets Outlook noted that the effective closure of the Strait of Hormuz'which accounted for about one-third of global seaborne crude oil trade prior to the conflict'has caused a historic shock to energy and commodity markets.

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