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.