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Crude oil price: The already boiling crude oil prices — trading higher for eight sessions in a row — due to the ongoing US-Iran war, received a fresh fillip from the Energy Information Administration's (EIA) latest data, which drove the Brent crude and US West Texas Intermediate (WTI) futures by nearly 6% on Wednesday, 29 April.

US crude rose 6.61% to $106.58 a barrel, and Brent rose to $117.81 per barrel, up 5.9% after the EIA, after the US oil stocks plummeted sharply and amid little signs of resolution to the Middle East crisis that's entered its third month now.

This marks the fourth straight month of gains for crude oil prices, which are up 4% in April so far, building on the over 50% rally seen in March due to the onset of the US-Israeli war with Iran.

The crude oil prices remain elevated due to the energy supply disruption through the Strait of Hormuz, a critical chokepoint accounting for 20% of global oil passage. US President Donald Trump's statement that he was unhappy with Iran's latest proposal has dented hopes of a swift resolution to the ongoing conflict.

In a social media post, he urged Iran to sign a deal.

The US has signalled it would stick with a naval blockade of Iranian ports as it tries to force Tehran back to the negotiating table. The blockade lies at the heart of the impasse, with the Islamic Republic insisting it won’t restart negotiations or reopen the Strait of Hormuz as long as the naval restrictions stay in place.

Meanwhile, oil prices surged after US oil stockpiles plunged last week due to surging global demand amid the war. Due to this, the United States has turned into a net crude exporter on a weekly basis for the first time on record, the Reuters report suggested.

Crude inventories fell by 6.2 million barrels to 459.5 million barrels in the week ended April 24, the EIA said, compared with analysts' expectations in a Reuters poll for a 231,000-barrel draw.

(With inputs from Reuters)

Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.Saloni Goel has over nine years of experience as a business journalist, with a strong track record of covering the financial markets. Over the course of her career, she has reported extensively on global and domestic equities, IPO market activity, commodities, and broader macroeconomic trends. Her reporting reflects a keen eye for detail, data-driven analysis, and the ability to spot emerging themes early.

At Mint, Saloni has been part of the markets team for nearly two years, where she currently works as Chief Content Producer. In this role, she plays a key part in shaping market coverage, driving editorial strategy, and ensuring timely, accurate, and insightful reporting across. She has been closely involved in breaking news coverage and in crafting stories that help decode the complex financial developments.

Before joining Mint, Saloni worked with some of India’s leading business newsrooms, including The Economic Times and Business Standard. Throughout her career, she has worn multiple hats—ranging from reporting and editing to contributing in-depth features and identifying new storytelling formats and market trends.

Her experience in fast-paced digital newsrooms has given her an edge in simplifying complex market concepts without losing analytical depth. Outside of work, Saloni enjoys reading books and spending time with her pet.

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