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Crude Oil Prices: The crude oil prices surged on Friday, May 1, after attempts to resolve the West Asia conflict hit a stalemate, especially with US Navy blocking Iranian crude exports.

Meanwhile, the Brent crude futures for July rallied 1.08%, hitting $111.59 per barrel, while West Texas Intermediate futures rose by 0.37%, to $105.46.

Analysts noted that Brent crude oil prices crossed the $120 per barrel mark for the first time in 4 years, increasing inflation concerns and putting pressure on global risk assets.

Meanwhile, both benchmarks have posted gains for four consecutive months, with Brent's June contract, which lapsed on Thursday, reaching $126.41 a barrel, the highest level since March 2022, Reuters reported.

Crude oil prices have been rising since the US-Israel conflict with Iran began on February 28, leading to the closure of the Strait of Hormuz and the disruption of nearly 20% of the global supply of oil and liquefied natural gas. In March alone, Brent surged 50%.

On the hand, a ceasefire has been in effect since 8 April, however, on Thursday, April 30, Iranian Foreign Ministry spokesperson Esmaeil Baghaei noted it was unrealistic to expect quick outcomes from discussions with the US, citing a report by the official IRNA news agency.

Investors are currently monitoring developments in Washington and Tehran, anticipating new efforts to resolve the crisis that is negatively impacting the global economy, as British and European central banks caution about rising inflation.

Currently, the United States is looking to form a coalition of allied countries and shipping companies to ensure safe oil and gas transit through Hormuz, while continuing its blockade of vessels that service Iran, according to an official from the State Department, citing an AFP report. 

As of 10:01 AM, the prices of WTI crude stood 0.37% higher at $105.5 per barrel, and Brent Crude stood 0.92% higher at $111.42.