# Oil prices shot higher on concerns of an extended blockade of the Strait of Hormuz.

*business · news · 2026-04-30 · The Manila Times*

## Key points

- US oil executives were told the Strait of Hormuz blockade could last for months longer.
- President Trump has rejected Iran's latest proposed deal to reopen the Strait of Hormuz.
- Wednesday's Fed meeting had the most dissenting votes on policy since 1992.
- Fed Chair Jerome Powell confirmed he will remain a governor after his chair term ends.

**Companies:** UBS, Adidas
**Countries:** United States, Iran, Germany, Switzerland, United Kingdom, France

[Read the full story on The Manila Times](https://www.manilatimes.net/2026/04/30/business/foreign-business/oil-spikes-while-divided-federal-reserve-keeps-interest-rates-unchanged/2332190)

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