WTI Crude Surges 5% to $106.58 as Brent Tops $109 for First Time Since March 23

Key TakeawaysWTI crude oil surged more than 5% intraday on April 29 to $106.58 per barrelBrent crude broke through $109.10 per barrel for the first time since March 23, rising 4.90% on the dayThe continued oil price surge keeps inflation expectations elevated and poses a direct headwind for risk assets including BitcoinOil prices extended their sharp rally on April 29, with WTI crude surging more than 5% intraday to $106.58 per barrel and Brent crude breaking above $109.10 -- its highest level since March 23 -- as the Strait of Hormuz standoff showed no signs of resolution and supply concerns continued to build.The moves represent a significant escalation from the already-elevated price environment that has persisted since the Iran conflict began in late February, when WTI was trading below $70 per barrel. The latest surge marks a more than 50% increase in crude prices since the outbreak of hostilities, a move that is feeding directly into global inflation expectations and central bank policy calculus.The timing is particularly significant for financial markets. The Federal Reserve concludes its two-day policy meeting Wednesday, and the renewed oil spike complicates the already difficult balance between slowing growth and persistent inflation that policymakers must address in their statement. Any signal of a more prolonged hold on rates -- amplified by a fresh energy price shock -- could add further pressure to Bitcoin and risk assets already navigating a rejection from the $79,000--$80,000 resistance zone.