Oil prices hit four-year high amid escalating U.S.-Iran tensions

On April 30, 2026, Brent crude oil prices spiked to approximately 126 dollars per barrel, marking their highest level since June 2022. The surge was driven by fears of a prolonged conflict and a continued U.S. naval blockade of Iranian ports and the Strait of Hormuz. U.S. President Donald Trump indicated the blockade could last for months, while reports suggest he received updates on potential military actions from the head of CENTCOM, Admiral Brad Cooper. Meanwhile, Iranian Parliament Speaker Mohammad Bagher Ghalibaf warned that prices could reach 140 dollars due to the supply disruptions. Market volatility was exacerbated by the expiration of June futures contracts, and there are additional concerns regarding the UAE's scheduled withdrawal from OPEC. While initial prices hit 126 dollars, they fluctuated throughout the day, closing lower in some markets as investors reassessed the geopolitical landscape. The conflict, which involves U.S. and Israeli tensions with Iran, has caused a total oil price increase of approximately 60 percent since late February 2026.