US Seeks Allies to Reopen Hormuz as Brent Surges Above $126/Barrel

Crude prices have surged with Brent topping $126/bbl, its highest since March 2022, as the US presses allies for help reopening the Strait of Hormuz amid ongoing blockade since April 14. Traffic collapsed to just five ships per day versus 140 pre-war, stranding 170M barrels on 187 tankers, boosting Panama Canal tanker traffic to a four-year high with slot prices tripling to $385k-$400k. Kharg Island nears capacity, risking Iranian production cuts and $170M daily losses, while US exports eye record 5.48M bpd, sustaining WLDOIL upside and volatility.