WTI Advances Above $105.50 as Iranian Ports' Blockade Deepens

FXStreetApr 30, 2026 3:44 AM

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WTI rises amid an intensifying naval blockade of Iranian ports.
Canada’s oil sector draws renewed major interest as Middle East tensions boost its appeal to global operators.
President Trump said Wednesday that the naval blockade on Iran will continue until Tehran agrees to a nuclear deal.

West Texas Intermediate (WTI) oil price extends its gains for the fourth consecutive day, trading around $105.70 per barrel during the Asian hours on Thursday. Crude oil prices climb as a deepening naval blockade of Iranian ports.

US President Donald Trump stated on Wednesday that the naval blockade of Iran will remain in place until a deal is reached with Tehran over its nuclear program, according to Bloomberg. He dismissed proposals to reopen the key shipping route, arguing that economic pressure is more effective than military strikes.

Iranian officials have warned of retaliation if the blockade continues, accusing Trump of trying to force Tehran into compliance through economic coercion and internal destabilization efforts.

Data from the US Energy Information Administration (EIA) showed crude inventories fell sharply by 6.233 million barrels in the week ending April 24, reversing the previous increase of 1.925 million barrels. At the same time, oil exports jumped to record levels above 6 million barrels per day, pointing to tightening global supply conditions.

Canada’s oil and gas sector is drawing renewed interest from global energy majors as rising Middle East tensions boost its attractiveness to major operators. Shell’s $16.4 billion acquisition of ARC Resources highlights this trend, while TotalEnergies and ConocoPhillips are re-evaluating Canadian peers alongside Equinor and BP.

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