Oil Surges to Highest Since 2022 as Trump to Be Briefed on New Iran Military Options
April 30, 2026 | Sources: BBC News, Al Jazeera
Brent Crude Briefly Tops $126
Oil prices jumped to their highest level since 2022 after a report that the U.S. military is set to brief President Donald Trump on new plans for potential action in the Iran conflict.
According to Axios, U.S. Central Command has prepared a plan for a wave of “short and powerful” strikes on Iran to try to break the deadlock in negotiations with Tehran.
Brent crude rose by almost 7% to more than $126.31 a barrel at one point, the highest since Russia’s full-scale invasion of Ukraine. The price then fell back sharply to around $114, while the more active July contract traded at approximately $110 per barrel.
Naveen Das, senior oil analyst at Kpler, said the sharp swing in oil prices was partly due to the June delivery Brent futures contract expiring on Thursday.
Strait of Hormuz Remains Effectively Closed
Energy prices have been rising throughout the week as peace talks appear to have stalled, with the Strait of Hormuz waterway still effectively closed. About 20% of the world’s oil and liquefied natural gas (LNG) usually passes through the strait, and the conflict has sent global energy prices soaring.
The U.S. said it would blockade Iranian ports for as long as Tehran continues to threaten vessels attempting to use the Strait of Hormuz, severely disrupting global energy shipments. Iran retaliated against U.S.-Israeli airstrikes by threatening to attack ships in the waterway.
New Military Plan Details
The Axios report cited anonymous sources saying the proposed wave of strikes would likely include infrastructure targets. Another plan focuses on taking over part of the Strait of Hormuz to reopen it for commercial shipping, reportedly potentially requiring ground troops.
Meanwhile, a statement attributed to Iran’s Supreme Leader Mojtaba Khamanei said that Tehran would secure the Strait of Hormuz and eliminate “the enemy’s abuses of the waterway.” Khamanei’s statement also indicated that a “new chapter” for the region had been taking shape since the start of the U.S.-Israeli war with Iran on February 28.
Global Economic Impact
The UK government has warned that people could face higher energy, food, and flight ticket prices as a result of the war. According to the RAC motoring group, petrol in the UK currently averages 157p per litre, 24p higher than before the war. Diesel stands at 188.5p per litre, up 46p from pre-war levels.
Some airlines have already begun raising fares or cutting flights. Fertilizer prices have also started climbing, which could have a knock-on effect on food prices.
Source: BBC News, Al Jazeera