Oil rises for eighth session; Brent closes above $118

Oil drilling rigs

Oil prices rose at the close of trading today, April 29, driven by the breakdown of US-Iranian negotiations and growing concerns about a prolonged disruption of supplies from the Middle East region.

Brent crude futures for June delivery rose 6%, or $6.77, to $118.03 a barrel, after touching $119.76 earlier in the session, marking their eighth consecutive day of gains.

West Texas Intermediate (WTI) crude futures for June delivery also climbed 6.95%, or $6.95, to $106.88 a barrel.

This came against the backdrop of reports that US President Donald Trump had rejected an Iranian proposal to end the war, and his confirmation in press statements today that the naval blockade would remain in place until Tehran agrees to a deal that addresses US concerns about its nuclear program.

Oil prices received additional support from official data showing that US oil inventories fell by more than six million barrels last week, far exceeding analysts' expectations.