Brent Hits Three-Week High Near $108/bbl on Iran Stalemate, Hormuz Disruptions

Brent crude sustains a three-week high near $108/bbl amid stalled Iran talks and Strait of Hormuz disruptions, bolstered by record U.S. oil exports of 12.9 million bpd and seaborne shipments projected at 9.6 million bpd for April, including 2.5 million bpd to Asia. Goldman Sachs raised its Q4 Brent forecast to $90/bbl as these factors cushion supply shocks. Paralleling this, AI-driven tech and chip stocks push records ahead of central bank meetings, U.S. PCE data, and earnings from firms comprising 44% of S&P 500 market cap, amplifying volatility.