Oil Price Tops $117 as Iran Blockade Fears Pressure XRP

• Brent crude climbed above $117 after reports said the U.S. prepared for an extended blockade of Iran’s ports.
• Chevron met President Donald Trump at the White House to discuss ways to limit pressure on American consumers.
• XRP traded at $1.36, down 1% in 24 hours, with a market cap of $83.96 billion.

Oil prices moved higher on Wednesday after reports said the U.S. prepared for a longer blockade of Iran’s ports. Brent crude climbed above $117 a barrel, extending its rise from just over $110 on Tuesday evening. The move kept energy markets focused on the Strait of Hormuz, where shipping disruption has already affected supply expectations.

Crypto markets also traded under pressure as investors watched wider risk conditions. According to CoinMarketCap, XRP traded at $1.36, down 1% over 24 hours, while trading volume rose to $1.95 billion. The token stayed below $1.40 after slipping from a 24-hour high of $1.41.

Oil Rally Follows Blockade Reports

Brent crude rose above $117 a barrel on Wednesday afternoon, reaching its highest level so far this month. The move followed reports that President Donald Trump instructed aides to prepare for an extended blockade of Iran’s ports. The reported plan aims to increase pressure on Iran’s economy and oil exports.

BBC News reported that Chevron met Trump at the White House on Tuesday. The meeting focused on ways to limit fallout from the conflict for American consumers. According to reports from Washington, other energy executives also attended as oil traders assessed whether the blockade could last longer.

Iran has said it will continue disrupting traffic through the Strait of Hormuz in response to the U.S. blockade. The route usually carries about a fifth of the world’s oil and liquid natural gas supply. Notably, Iran has restricted shipping through the strait since U.S. and Israeli strikes began on February 28.

Energy Pressure Reaches Markets

Oil prices have swung sharply since the conflict began. Brent dropped to $90 a barrel on April 17 after a ceasefire between Israel and Lebanon, while the U.S. said it would pause attacks on Iran on April 8. However, crude has risen steadily over the last 12 days as the blockade continued.

BBC Verify reported that at least four vessels tracked from Iranian ports appeared to cross the U.S. blockade line. Meanwhile, Iran’s economy faces a deeper strain as annual inflation has climbed to 53.7%, according to the Statistical Center of Iran. The rial has also fallen to a record low.

Lindsay James, investment strategist at Quilter, said the war’s effect in the UK has largely appeared through higher petrol and diesel prices. Nevertheless, she said every day without a resumed supply raises the risk of physical shortages and steeper price rises across goods.

XRP Holds Near $1.36

XRP weakened as broader markets watched oil, equities, and the Federal Reserve’s latest interest rate decision. According to CoinMarketCap, at the time of writing, XRP traded at $1.36, down 1% in 24 hours. Its market capitalization stood at $83.96 billion, while 24-hour volume rose 6.95% to $1.95 billion.

The token’s 24-hour low stood at $1.36, while its high reached $1.41. XRP’s fully diluted valuation stood at $136.11 billion. The circulating supply reached 61.68 billion XRP, against a total supply of 99.98 billion XRP and a maximum supply of 100 billion XRP.

Short-term market updates placed XRP in a fragile zone after it failed to hold above $1.40. Traders cited $1.3680 as a near-term level, while resistance appeared around $1.3980 to $1.4075. A drop below $1.3680 could bring $1.3550 and $1.35 back into focus.

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