Brent crude futures rose 2.95% to $114.50, while WTI climbed 3.48% to $103.40, as market participants reacted to reports of a potential U.S. blockade outside the Strait of Hormuz. The move follows stalled U.S.-Iran negotiations and signals that traders are pricing in a prolonged supply constraint. The blockade would aim to choke Iranian oil exports, amplifying the physical disruption already felt in the Gulf of Oman. U.S. crude and product inventories fell in the week ending April 24, according to estimates from the American Petroleum Institute. The front‑month Brent contract's rally to $114.50 marks the highest level in more than a month, while WTI's rise to $103.40 surpasses the $103 per barrel threshold for the second time this week. SEB Bank analyst Bjarne Schieldrop noted that "Bets for when the SoH will reopen keeps sliding into the future." He added that "Alarm bells will ring loudly if the SoH doesn't reopen during May," and warned that a delayed reopening before June/July could trigger a real crisis, forcing global consumption closer to the level of availability.