Geopolitical deadlock in Hormuz Strait fuels price surge toward post-Ukraine highs Last updated: April 29, 2026 | 02:13 Crude oil prices jumped on Wednesday as risks over Hormuz Strait remain high despite reported 2 Asia-bound tankers being able to break through. File Photo Oil prices continued their upward trajectory as of early Wednesday, April 29, 2026, driven by persistent anxieties surrounding the ongoing risks faced by tankers crossing the Strait of Hormuz. WTI, the US benchmark for crude futures, jumped 3.69% to $99.93 ($3.56 higher) while Brent Crude climbed nearly 3% to $111.2 (up by $2.99). Murban, a Gulf crude benchmark stood at $107.2, 2.91% higher while Natural Gas also inched 0.35% to $2.559. Market drivers Markets remain highly reactive to the stalled peace negotiations between Washington and Tehran, as well as the continued restriction of shipping through the Strait of Hormuz — a vital artery for approximately one-fifth of global crude oil and LNG supplies.…