Oil prices rallied sharply on April 29, 2026, after reports indicated that U.S. President Donald Trump is planning to maintain the naval blockade on Iran for a prolonged period, as quoted on CNBC. U.S. Strategy Signals Prolonged Pressure on Iran According to officials cited by The Wall Street Journal, Trump has opted to continue the blockade strategy rather than escalate military strikes or disengage from the conflict. The administration has reportedly instructed aides to prepare for a sustained blockade aimed at increasing pressure on Tehran. Reinforcing his stance, Trump warned Iran in a Truth Social post, urging the country to “get smart soon” and criticizing its leadership for failing to act conclusively. Negotiations Stall as Strait of Hormuz Remains Blocked Efforts to revive negotiations have stalled in recent days. Iran has refused to reopen the Strait of Hormuz until the U.S. lifts its blockade. Tehran’s control over the key shipping route has disrupted oil exports from the Middle East, intensifying supply concerns in global energy markets. UAE’s Exit from OPEC Adds to Market Uncertainty Market participants are also assessing the impact of the Organization of the Petroleum Exporting Countries (OPEC) following the United Arab Emirates’ unexpected decision to exit the group, as quoted on CNBC. Despite structural shifts within OPEC, analysts emphasize that oil price movements will largely depend on developments in the Persian Gulf—particularly the timeline for restoring flows through the Strait of Hormuz. Until then, geopolitical tensions are expected to remain the dominant force shaping the energy market outlook. Leveraged Energy ETFs in Focus Against this backdrop, below we highlight a few leveraged energy ETFs that may be tapped to ride out the recent winning momentum in oil prices. Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF GUSH, Direxion Daily Energy Bull 2X ETF ERX, Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF DRIP, ProShares Ultra Energy DIG and MicroSectors Oil & Gas Exp. & Prod. 3x Leveraged ETN OILU are some of the ETFs that can be tapped with a short-term view. Note that these funds run the risk of huge losses compared to traditional funds in fluctuating or seesawing markets. Further, their performance could vary significantly from the actual performance of their underlying index over a longer period when compared to a shorter period (such as weeks or months). Investors should thus note that these products are suitable only for short-term traders as these are rebalanced on a daily basis. Further, liquidity can be a big problem as it can make the products more expensive than they appear. Boost Your Portfolio with Our Top ETF Insights Zacks' exclusive Fund Newsletter delivers actionable information, top news and analysis, as well as top-performing ETFs, straight to your inbox every week. Don’t miss out on this valuable resource. It’s free!Get it now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Direxion Daily Energy Bull 2X ETF (ERX): ETF Research Reports This article originally published on Zacks Investment Research (zacks.com). The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Oil prices rallied sharply on April 29, 2026, after reports indicated that U.S. President Donald Trump is planning to maintain the naval blockade on Iran for a prolonged period, as quoted on CNBC. U.S. Strategy Signals Prolonged Pressure on Iran According to officials cited by Th…
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A tanker identified as the Kaifan was struck by an unknown projectile northeast of Oman’s Limah in the Strait of Hormuz, according to a July 21 report from UK Maritime Trade Operations. No ships were observed transiting the strait that day. Attribution of the strike and links to prior incidents have not been confirmed by the vessel’s owner.
Goldman Sachs has projected Brent crude averaging $80 per barrel in the fourth quarter and $75 in the following year, conditional on reduced Middle East tensions, while noting upside risks from potential shipping disruptions in the Strait of Hormuz or Red Sea.
Brent prices rose above $91 per barrel amid recent U.S.-Iran exchanges and Houthi threats to Saudi shipments before edging lower on Tuesday. A senior Iranian official told Reuters that mediators had proposed a 10-day ceasefire to preserve an interim agreement.
Opening summary: Iran claims attacks on strait of Hormuz ships amid fresh US strikes Welcome to our live coverage of the latest developments in the Middle East crisis. Iran attacked a tanker in the strait of Hormuz early on Tuesday, forcing its crew to abandon the ship, as Yemen’s Iran-backed Houthis announced they were imposing an immediate maritime blockade of Saudi Arabia in the Red Sea after the two sides traded fire last week for the first time in years.
A Houthi official said the Bab al-Mandeb strait – at the southern end of the Red Sea, through which about 12% of the world’s trade usually passes – would be closed to the Saudis in response to the kingdom’s “unjust blockade on Yemenis for over 10 years”.
Saudi Arabia said it would take “all necessary measures to protect its vessels in accordance with international law”. A 10 consecutive night of US airstrikes has not compelled Tehran to loosen its grip on the strait of Hormuz, a vital route for global energy supplies.
But even as Iran’s president said the country had returned “full-scale war”, the Iranian interior minister travelled to Pakistan – a key mediator in the conflict – for talks. In key developments: The latest US strikes came hours after Donald Trump said Iran would pay “many times over” for killing US soldiers after multiple service members were killed in action over the weekend.
A tanker came under attack early Tuesday in the Hormuz strait off Oman, forcing the crew to abandon the vessel, the British military’s United Kingdom Maritime Trade Operations centre said. Iran’s Revolutionary Guards claimed the attack as well as two other attacks on ships in the waterway on Monday.
The US military’s Central Command said its latest airstrikes were to “degrade” Iran’s ability to attack commercial shipping in the strait and included hitting military command centres and missile and drone launch sites. Iranian media reported strikes in parts of the country including Bandar Abbas, Tabriz and Bushehr, home to the country’s only operational civilian nuclear power.
Iran’s launched attacks in response against Bahrain, Kuwait and Jordan, which all host US forces. Oil prices softened after hitting their highest levels in more than a month in the previous session. Brent crude futures eased 0.4% to $88.87 a barrel by 0052 GMT on Tuesday while US West Texas Intermediate crude for September delivery was steady at $82.
47 a barrel. Democrats have seized on the deaths of three US troops killed in Iranian strikes to urge Trump to urgently reverse his resumption of the war with Iran amid widespread anxiety over climbing casualties. The Lebanese army began taking charge of security in three southern villages, the US said, as a deal to secure an Israeli withdrawal from southern Lebanon and the disarmament of Hezbollah faced its first test on the ground.
US forces struck the tanker Settebello in the Gulf of Oman on June 10, killing three Indian crew members when munitions hit the engine room and adjacent areas. Maritime tracking data indicate the vessel had transported Iranian oil under US sanctions for several years and conducted offshore transfers prior to the strike.
The US military described the action as a precision operation, while reports note the ship was stationary at the time.