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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InBrent crude oil prices surpassed $123 per barrel, reaching a 4-year high as prices soared more than 25% over the past two weeks due to the extended closure of crucial waterways. President Trump confirmed he is sticking with a naval blockade of Iranian ports, even as he faces a 60-day congressional deadline regarding military conflict. This escalation comes as J.P. Morgan warns that global supplies could reach a breaking point by June, with the IEA estimating supply destruction at 13-14 million bpd. In response, the White House is exploring the removal of regulatory hurdles to accelerate domestic production to offset the massive shortfall. Meanwhile, investors remain focused on upcoming interest rate decisions from the ECB and BoE as fractures deepen within OPEC due to the naval standoff.