Crude back above $110 on Strait stalemate as US stocks retreat

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Washington DC: Global oil prices climbed to their highest levels since the US-Iran ceasefire on Tuesday, as a persistent stalemate over the Strait of Hormuz fueled inflation fears and pressured US equities. Brent crude jumped 2.8% to $111.26 per barrel.

Efforts to reopen the vital waterway remain at a standstill. While the US is reviewing Tehran’s latest proposal, reports suggest President Trump is unlikely to accept the terms, particularly as Iran seeks to delay nuclear disarmament talks. Adding to the volatility, the UAE announced its strategic withdrawal from OPEC+, effective May 1.

The energy surge weighed heavily on Wall Street. The S&P 500 fell 0.5%, while the Nasdaq dropped 0.9%.

Tech stocks faced additional pressure following reports that OpenAI missed key revenue and user targets, sparking a sell-off in partners like Oracle and CoreWeave.