Brent Tops $114 as Market Braces for Prolonged Disruption

Oil prices are extending their gains early on Wednesday, with Brent jumping to over $114 and WTI exceeding $103 per barrel, as oil market participants weigh the stalled U.S.-Iran negotiations and the possibility of an extended U.S. blockade outside the Strait of Hormuz. As of early morning in Europe, the front-month Brent Crude futures rallied 2.95% to trade at $114.50 after hitting the highest level in more than a month, as media reports and signals from the U.S. Administration point to a prolonged U.S. naval blockade in the Gulf of Oman outside…