Global oil prices jumped as the US seized an Iranian vessel in the Strait of Hormuz. Despite rising Middle East tensions, markets hope for a negotiated resolution between President Trump and Tehran.
President Trump admits high gas prices may persist through midterms following his Iran conflict decision, worrying Republicans. An Iranian official warns a US blockade will hike gas prices. The war began Feb 28, impacting oil rates and Trump's approval.
OPEC+ members agree to a 206,000 bpd quota increase for May. However, the Strait of Hormuz closure and infrastructure damage from regional conflict keep actual oil supply low and prices high.
