Brent Tops $111/bbl, WTI Crosses $100 — World Bank: 'Largest Oil Supply Shock on Record'

Oil markets experienced a major surge on April 28, 2026 — Day 60 of the conflict — as diplomatic deadlock over Iran's Hormuz proposal and the UAE's OPEC exit rattled global energy markets simultaneously. Brent crude rose approximately 3% to $111.26–$111.49/barrel intraday. West Texas Intermediate crossed $100 per barrel for the first time since April 10, rising 4.94% to $101.10. The World Bank issued a statement describing the Hormuz closure as the 'largest oil supply shock on record,' surpassing the 1973 Arab oil embargo in scale. US retail gasoline reached $4.18 per gallon nationally — the highest since the conflict began. Budget airlines in the United States requested $2.5 billion in emergency federal fuel aid. Sweden's government warned of potential jet fuel shortages. Windward Maritime Intelligence reported 13 total Hormuz crossings (10 outbound, 3 inbound) with 896 vessels tracked in the Gulf — down 24 from the prior day. Iranian crude exports via the Strait of Malacca showed no VLCCs tracked since April 24. The Panama Canal reported traffic rising from 34 to 50 daily ships as global shipping rerouted away from the Gulf. Piracy off Somalia elevated to 'substantial' risk level with the third hijacking in five days reported on April 26.