Iran war: Brent oil briefly hits $119 as talks stall
Key takeaways
- The price of Brent crude oil has soared as Iran continues to block traffic through the Strait of Hormuz amid a US blockade on its ports.
- Trump said he believed the UAE's OPEC exit could help lower oil prices.
- "I think it's great," Trump said when asked by reporters at the White House what he thought of the UAE's decision.
Why this matters: an international story with cross-border implications worth tracking.
The price of Brent crude oil has soared as Iran continues to block traffic through the Strait of Hormuz amid a US blockade on its ports. The Pentagon put the cost of war at about $25 billion. Follow DW for the latest.
https://p.dw.com/p/5Czxf Energy prices have continued to soar with no breakthrough in sight Image: Loic Venance/AFPAdvertisement Skip next section What you need to know What you need to know he price of Brent oil briefly reaches $119 per barrel Trump hails UAE's OPEC exit Hegseth, Caine face Congressional hearing Pentagon says the cost of war so far $25 billion Here is a roundup of the latest developments around the war in Iran and the wider Middle East on Wednesday, April 29, 2026.
04/29/2026April 29, 2026Trump hails UAE's OPEC exit as Brent oil briefly reaches $119 per barrelUS President Donald Trump on Wednesday hailed the UAE's exit from the OPEC group, just as the price of a barrel of Brent crude briefly rose above $119 (roughly €101.73).