Oil prices extended gains on Thursday (April 30, 2026) on concerns that supply from the key West Asian producing region will remain bottled up for longer as talks to end the U.S.-Israeli war against Iran have deadlocked.
Brent crude futures for June rose $1.91, or 1.62%, to $119.94 a barrel after gaining 6.1% in the previous session. The June contract, which has increased for a ninth day, expires on Thursday (April 30) and the more active July contract was at $111.38, up 94 cents, or 0.85%, after gaining 5.8% in the previous session. U.S. West Texas Intermediate futures for June were up 63 cents, or 0.59%, at $107.51 a barrel, after climbing 7% in the previous session, climbing in eight of nine sessions.
U.S. President Donald Trump spoke on Wednesday with oil companies about how to mitigate the impact of a possible months-long U.S. blockade of Iran’s ports, a White House official said on Wednesday (April 29), triggering concerns in the market of an extended disruption to oil supplies.- Reuters
