Dawn
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19:05 Apr 29, 2026
Oil prices shot higher Wednesday on concerns of an extended blockade of the Strait of Hormuz, while Wall Street stocks mostly slid as investors awaited a US Fed rate decision and a slew of tech firm earnings. Both main oil contracts jumped nearly six per cent after President Donald Trump warned Tehran on Wednesday that it should “get smart soon” and capitulate to Washington’s demands for tight controls on its nuclear programme, as a US naval blockade turned the screws on Iran’s economy. Meanwhile, the United States could extend its naval blockade of Iran for months more, oil executives were told in a meeting with Trump, an administration official said. Analysts warned that such a move would prompt Iran to maintain its own blockade of the Strait of Hormuz, leaving the vital oil shipping route at a near standstill. The US Federal Reserve is widely expected to keep interest rates unchanged later in the day, with markets closely watching its guidance on inflation as energy costs soar. The dollar drifted higher ag...