Brent oil rises 2.7% to $110.94 amid Iran supply concerns

AI Summary

Brent crude futures for May delivery increased by 2.7% to $110.94 per barrel, while West Texas Intermediate futures rose 2.7% to $97.01 as U.S. President Donald Trump announced a 10-day deadline extension for Iran. Despite talks being described as 'going very well', analysts indicated that the broader oil market remains fragile with nearly 17.8 million barrels per day of oil and fuel flows through the Strait of Hormuz being disrupted. Rystad Energy noted a shift in global oil supply from buffered to fragile, with 500 million barrels of total liquids lost so far. This development is significant as it impacts global crude flows and market volatility.