Oil prices increased nearly 3% on Wednesday, with Brent crude futures reaching $114.34 per barrel, the highest level since March 31. This surge follows reports that U.S. President Donald Trump plans to extend the blockade of Iranian ports, exacerbating supply disruptions in the vital Middle Eastern oil region. The June contract for Brent crude rose by $3.08, while the July contract was priced at $107.08. U.S. West Texas Intermediate (WTI) crude also saw gains, climbing $2.75 to $102.68 per barrel, marking its highest price since April 13. Analysts suggest that if the blockade continues, oil prices could rise further. Additionally, the United Arab Emirates' recent exit from OPEC has raised questions about market cohesion, but analysts believe the immediate impact will be minimal as prices are primarily influenced by geopolitical factors. Market participants are closely monitoring upcoming data from the U.S. Energy Information Administration regarding crude oil inventories, following reports of a decline in domestic stockpiles.