Arabic version: أسعار النفط ترتفع بسبب مخاوف من الإمدادات وصراع الولايات المتحدة وإيران

Oil prices soared more than 6 percent on worries about prolonged supply disruption in the Strait of Hormuz and fears of a lengthy US siege of Iranian ports. US crude settled up 6.95 percent at $106.88 per barrel on April 30, 2026, and Brent crude, the international benchmark, was up 6.08 percent, or $6.77, at $118.03 after earlier touching its highest price since June 2022. This rise in prices comes as the conflict between the US and Iran shows no signs of resolution, with Iranian forces reportedly blocking vessel transit in the Strait of Hormuz.

According to Al Jazeera, the Pentagon disclosed that the ongoing war on Iran has cost the US military $25 billion thus far. Market analysts express growing concerns that the situation may lead to a lengthy disruption in oil supplies, particularly as discussions between President Donald Trump and US oil executives centered on mitigating the impacts of the siege.

As oil prices continue to climb, the Asian Development Bank has revised its growth forecast for the Asia Pacific region down from 5.1 percent to 4.7 percent this year, highlighting the economic consequences of elevated fuel prices and rising costs for basic goods. Al Jazeera’s Barnaby Lo noted that the entire Asia Pacific region relies heavily on oil imports from the Middle East, making the current price surge particularly impactful.

In related news, President Trump welcomed the announced withdrawal of the United Arab Emirates (UAE) from the Organization of the Petroleum Exporting Countries (OPEC), suggesting it could lead to lower gas prices. Experts, however, believe the UAE’s exit is unlikely to have an immediate effect on the oil market due to the ongoing constraints caused by Iran’s control of the Strait of Hormuz. Analysts indicate that it may take months for Gulf countries to return to pre-war production levels.