Oil extends gains with Brent at $120 as fears of an extended U.S.-Iran conflict rise

brent crude hit $120 a barrel thursday, up 1.96%, after reports that trump rejected iran's offer to reopen the strait of hormuz. the naval blockade will stay until a nuclear deal is reached, according to axios. wti added 0.2% to $107.09. brent had already jumped 6% on wednesday and wti gained 7%, after the wall street journal reported trump told aides to prepare for an extended blockade. trump posted on truth social that iran "better get smart soon," alongside an ai-generated image of himself holding a gun. goldman sachs estimates exports through hormuz have fallen to just 4% of normal levels. the bank warned that limited storage capacity could deepen supply disruptions if the blockade continues. but they also flagged a demand risk — global oil consumption in april may be about 3.6 million barrels per day lower than february, with weakness in jet fuel and petrochemical feedstocks.