BackECONOMY
Brent hits four-year high above $120 as US-Iran war disrupts Strait of Hormuz
Brent crude surged past $120 a barrel, reaching four-year highs amid the US-Iran conflict and the blockade of the Strait of Hormuz. Intraday peaks reached $122.31 and $126.41, with US WTI also rising, reflecting global supply concerns and geopolitical tension.
Why It Matters
The spike underscores heightened global energy risk and potential inflationary pressure, as major supply routes face disruption and oil-producer dynamics shift.
Timeline
4 Events
April 30, 2026: Brent surpasses $120; UAE exits OPEC; talks stall
April 30, 2026
On Thursday, Brent crude prices surged past $120 per barrel, with intraday highs of $122.31 and then $126.41. US West Texas Intermediate futures rose to $108.34 a barrel. The report notes the UAE's withdrawal from OPEC and ongoing stalled peace talks between the US and Iran, with commentary from market analysts on the implications of the conflict and potential limits to resumed oil flows.
February 28, 2026: War breaks out; Strait of Hormuz blockade begins
February 28, 2026
After the war broke out, Iran announced it would be closing the Strait of Hormuz, leading to disruptions in global oil flows and a looming energy crisis due to the blockade of the passage.
February 27, 2026: Brent around $70 before US-Iran war
February 27, 2026
Before the start of the US-Iran war, Brent crude was trading around $70 per barrel, reflecting pre-conflict market levels.
March 9, 2022: Major surge to $130 amid Russia-Ukraine escalation
March 9, 2022
The article notes that the last time crude prices saw a major surge was on March 9, 2022, when Brent reached about $130 a barrel due to the escalation of the Russia-Ukraine war.