Oil at $115.13: blockade duration

Brent June futures traded at $115.13 a barrel and WTI June at $103.69 after CNBC said reports indicate the U.S. may extend its blockade of Iranian ports, keeping Strait of Hormuz disruption framed as a duration shock cnbc.com. Columbia says the policy aims to cut Iranian exports to near-zero, but RFE/RL reports some volumes are still reaching Asia, so confirmation versus walk-back of the blockade story matters more than the initial spikeenergypolicy.columbia.edu rferl.org).

Brent June futures traded at $115.13 a barrel and WTI June at $103.69 after CNBC said reports indicate the U.S. may extend its blockade of Iranian ports, deepening concern that disruption through the Strait of Hormuz lasts longer than the market had assumed cnbc.com. The repricing is about duration of lost flows, not just the headline: Columbia says the blockade is intended to cut Iranian oil exports to near-zero energypolicy.columbia.edu, while RFE/RL says the squeeze is still incomplete and some Iranian barrels are being sold in Asia rferl.org. That is why the UAE story is a second-order offset, not a fix: AP says its OPEC exit does nothing to reopen Hormuz, though it could lower prices later if output rises, and CNBC says the UAE pumped 2.37 million bpd versus sustainable capacity of roughly 4.3 million bpdapnews.com cnbc.com). If reports of an extended blockade are confirmed, the market keeps treating this as a longer supply-duration shock; if the signal is softened, spare-capacity math moves back to the center of price formation.