Global Oil Prices Surge to $117 Amid Escalating Maritime Tensions
Global crude oil prices hit a monthly high of $117 per barrel on Wednesday, April 29, afternoon following reports that the United States is preparing to further restrict vessel movement at Iranian ports.
The price hike signals a narrowing of the energy market as geopolitical friction intensifies.
The surge follows a directive from President Donald Trump for U.S. forces to continue intercepting ships entering and leaving Iranian territory.
This strategy aims to maximize pressure on Tehran, which has responded by threatening to maintain a closure of the Strait of Hormuz, a critical global corridor for the petroleum trade.
Market volatility remains high despite a brief reprieve on April 17, when prices dipped to $90 per barrel following a ceasefire between Israel and Lebanon. However, the subsequent U.S. maritime crackdown has since reversed those gains.
Within Iran, the economic consequences have reached a critical point.
National inflation has climbed to 53.7 per cent and the currency has suffered a severe devaluation.
Government data released last week indicates that over two million Iranians have lost their jobs as the domestic economy continues to collapse under international pressure.
While international stakeholders look toward a potential agreement to stabilize the market, President Trump stated that any negotiation depends on Iran initiating contact to request a deal.
The fuel prices in Rwanda, have risen sharply, with petrol now costing Rwf2,938 per litre. The new price took effect on Friday, April 17 at 6:00 a.m.
