Brent Crude Prices Today May 1 Near $111 As Trump Doubles Down On Hormuz Blockade

Oil prices held on to their second straight weekly gain, stabilising after a sharp and volatile rally driven by escalating geopolitical tensions in the Middle East. Brent crude for July hovered above $111 a barrel, while US benchmark West Texas Intermediate traded near $106, capping a roughly 12% weekly jump. The move follows a dramatic spike in the previous session, when Brent briefly surged to $126, underscoring the intensity of supply concerns tied to the ongoing Iran standoff. The latest leg of the rally comes after US President Donald Trump signalled he would persist with a naval blockade of Iranian…