Oil prices extend multi-day rally as Trump issues new threat to Iran; Brent tops $114 per barrel

oil prices kept climbing wednesday, with brent crude topping $114 a barrel. brent june futures hit $114.37, up 2.8% at 7:18 a.m. et — the seventh straight positive session. u.s. west texas intermediate june futures rose 3.3% to $103.18. wti has gained over 49% since the u.s.-led war against iran started on feb. 28. the latest jump came as reports emerged that the u.s. plans to extend its blockade of iranian ports, deepening fears of disruption through the strait of hormuz. president trump posted on truth social wednesday that iran "better get smart soon!" and accused its leadership of failing to "get their act together." negotiations to end the war appear stalled. traders were also digesting the uae's shock exit from opec. analysts at ing called it "a big blow" to the group, but said the near-term driver for oil remains the persian gulf and when flows through hormuz might resume.