On Tuesday, oil prices surged nearly 3%, driven by concerns about supply disruptions from the Strait of Hormuz, which is crucial for global oil transport. Brent crude oil futures rose by $3.03 or 2.8%, closing at $111.26 per barrel, while US West Texas Intermediate (WTI) futures increased by $3.56 or 3.7%, settling at $99.93 per barrel. This marks the seventh consecutive day of gains for Brent crude. The market reacted to the announcement that the United Arab Emirates would exit OPEC on May 1, a move that typically would lead to bearish sentiment. However, analysts noted that the closure of the Strait of Hormuz, which carries about 20% of the world's oil and liquefied natural gas supplies, has overshadowed this news. With ongoing tensions and stalled negotiations regarding Iran, traders are bracing for prolonged disruptions. The World Bank also indicated a potential 24% rise in global energy prices by 2026, even if supply issues ease. In the US, gasoline prices have surged to their highest levels in nearly four years, with recent data showing a significant drawdown in gasoline inventories.