Reuters reported on the continued rise in oil prices due to the attention to the crisis in Hormuz.

Global oil prices continue to rise steadily amid concerns about supply disruptions through the Strait of Hormuz. This was reported by the Reuters news agency on April 29.

"The recent rise in oil prices was caused by the blockade of the strait. If [US President Donald] Trump is ready to extend the blockade, supply disruptions will intensify and continue to push prices up," said Yang An, analyst at Haitong Futures.

The authors of the material reported that Brent crude futures reached $114 per barrel, an increase of 2.58%, while WTI exceeded $102, an increase of 2.66%. According to analysts, the increase in quotations is related to reports of the US intention to extend the blockade of Iranian ports, which may worsen the shortage of supplies from the key oil-producing region of the Middle East.

An additional factor for the increase in fuel prices was the unexpected decision of the UAE to withdraw from OPEC. In the medium and long term, this solution may mean an increase in supply on the market, the article says.

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Earlier in the day, the Minister of Energy of the United Arab Emirates, Suhail Al Mazroui, said that the reason for the country's withdrawal from OPEC and OPEC+ was the closure of the Strait of Hormuz. He said that the country had made such a decision because it was constrained in its influence on the world market due to the naval blockade of the strait.

Igor Yushkov, an expert at the Financial University under the Government of the Russian Federation, said on April 28 that reports of the UAE's withdrawal from OPEC and OPEC+ organizations pose risks to the collapse of the entire alliance and could bring down oil prices.

On April 18, the Iranian armed forces announced the restoration of military control over the Strait of Hormuz due to the blockade by the United States. Later, Iran blocked the Strait of Hormuz from the evening of April 18 until the complete lifting of the US naval blockade.