economy
April 30, 2026
Brent oil pulls back after climbing to $126 per barrel on U.S.-Iran escalation fears
Brent crude surged to its highest levels since early 2022, before paring gains, as the Middle East conflict chokes supplies.
TL;DR
- Brent crude futures fell over 3% to $114.01 per barrel after reaching a four-year high of $126.
- U.S. West Texas Intermediate futures slipped over 1% to $105.07.
- The market is reacting to potential U.S. military action against Iran and supply disruptions in the Persian Gulf.
- Exports through the Strait of Hormuz have fallen significantly, and U.S.-Iran negotiations are stalled.
- Analysts suggest oil prices could spike higher if disruptions persist, but elevated prices will eventually curb demand.
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