Brent: Large monthly drop after Hormuz scare – UOB

FXStreetMay 4, 2026 6:39 AM

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UOB strategists note that Brent crude has just recorded its largest monthly percentage decline since December 2025, despite briefly spiking above USD 126/bbl on renewed Strait of Hormuz concerns. West Texas Intermediate (WTI) remains elevated on the week, and Oil has booked a second consecutive weekly gain, supported by geopolitical tensions and US policy rhetoric.

Prices retreat after sharp geopolitical spike

"Brent crude briefly surged past USD126/bbl handle on early trading session last Thu as stalled US-Iran talks raised doubts over the reopening of the Strait of Hormuz."

"Oil held its second weekly gain as US President Donald Trump said he was sticking with a naval blockade of Iranian ports."

"Brent crude for nearest month delivery settled at USD114/bbl on 30 Apr before several of the developed markets (except US and UK) were away for a Labor Day holiday, down 3.4% viz its previous close."

"In Apr, Brent crude marked the largest one-month percentage decline since Dec 2025."

"WTI crude was near USD106/bbl, up 12% for the week."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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