Crude Oil Price Today - April 29: Brent Crude Crosses $111 Per Barrel; Check Latest Rates of WTI, Murban

Crude Oil Price Today: For the first time in three weeks, the price of the global oil price crossed $110 mark as the peace talks between US and Iran have made little progress.

Benchmark Brent crude reached $111.25 a barrel, easing slightly after climbing nearly 3% in the previous session. Meanwhile, West Texas Intermediate (WTI) traded just above the $99 mark, reflecting a market that remains tense but momentarily steady.

At the heart of the uncertainty is the situation around the Strait of Hormuz - one of the world's most critical energy corridors. The passage, which carries a substantial share of global crude and gas shipments, has been effectively restricted since tensions escalated in late February. The disruption has severely constrained supply flows, rattling energy markets and raising concerns over prolonged shortages.

Despite intermittent signals suggesting a possible de-escalation in the Iran conflict, traders remain cautious. Any sustained closure or instability in the region could tighten supplies further, keeping upward pressure on prices.

The International Energy Agency has flagged the situation as one of the most significant supply shocks in recent history, warning that the ripple effects could stoke inflation globally-particularly in energy-importing economies.

Across the broader energy complex, price movements were mixed. Murban crude and WTI Midland posted notable gains, indicating tightness in certain supply streams, while benchmarks such as the OPEC basket and Mars crude saw mild declines. Natural gas prices remained relatively stable, with marginal gains in US gas, while European and Asian LNG benchmarks showed limited movement.

Other regional benchmarks also reflected the uneven market sentiment. The Indian crude basket edged slightly higher, while Canada's Western Select gained over 2%, signalling regional supply dynamics at play. In contrast, European gas benchmarks like the Dutch TTF slipped marginally.

Overall, the market remains finely balanced. While prices have stabilised for now, the underlying risks tied to Middle East supply disruptions and uncertain diplomacy mean volatility is likely to persist in the near term.