Energy Preview: Oil prices soar as Middle East tensions show no signs of abatement

International oil prices continue to soar amid no respite from geopolitical tensions in the Middle East. US President Donald Trump reportedly said on Wednesday that he will continue the naval blockade of Iran until he secures a deal with Tehran to address the country?s nuclear program. In turn, Iran warned of unprecedented military action against continued US blockading of Iran-linked vessels. Meanwhile, the United Arab Emirates (UAE) officially announced its decision to exit both OPEC and the wider OPEC+ alliance, effective May 1, 2026 which is expected to structurally weaken the oil cartel's ability to influence global oil prices in the long term. Currently, WTI crude oil futures are hovering around a three week high at $109.31, up 1.62% on the day and almost 15% so far this week while Brent is soaring at around $113 mark.

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