The Economic Times

Why oil and gas prices are rising today, April 29: Brent crude surges past $114 heres what rising oil prices mean for gas prices, inflation, and the Fed rate decision today

Why US oil and gas prices are rising today, April 29: Brent crude has crossed $114 per barrel, while WTI trades above $103. At the center of this rally is the growing disruption near the Strait of Hormuz, one of the worlds most critical oil arteries. The latest trigger comes from stalled U.S.-Iran negotiations and reports of an extended U.S. naval blockade aimed at restricting Iranian oil exports. With US President Donald Trump reportedly preparing for prolonged pressure tactics, traders are pricing in not just disruption but duration.