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

Oil prices surged to their highest level since 2022 on Thursday after reports that the US military is set to brief President Donald Trump on new plans for potential military action against Iran.

Brent crude rose by almost 7% to more than $126 (£94) a barrel at one point, before falling back. According to Axios, US 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. The BBC has contacted US Central Command and the White House for comment.

Energy prices have been rising this week as peace talks appear to have stalled, with the key 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.

Brent crude touched $126.31 a barrel earlier on Thursday, the highest since Russia’s full-scale invasion of Ukraine. However, the price then fell back sharply later in the day to around $114.

The sharp swing in oil prices was partly attributed to futures contract deadlines. Naveen Das, senior oil analyst at Kpler, said the Brent futures contract for June delivery expired on Thursday, contributing to the drop. The more active July contract was trading lower at around $110 a barrel.

Crude oil is a key ingredient in petrol and diesel, and the jump in costs since the start of the Iran war has pushed up pump prices for motorists.

In the UK, petrol currently costs an average of 157p a litre, according to motoring group RAC — 24p higher than before the war began. Diesel stands at 188.5p a litre, up 46p compared with its pre-war price.

RAC head of policy Simon Williams said that while petrol prices at the pump have fallen, “our analysis of wholesale costs shows petrol is now more expensive for retailers to buy than at any time since the war began.” However, diesel, which has come down by 3p a litre, “is currently well below its highest wholesale price since the start of the conflict, so should fall further.”

But the potential impact extends far beyond fuel prices. The UK government has warned that people could face higher energy, food, and flight ticket prices as a result of the war. Some airlines have already started raising fares or reducing flights. Fertiliser prices have also begun increasing, which could have a knock-on effect on food prices.

The Axios report cited anonymous sources saying the proposed wave of strikes would likely include infrastructure targets. Another plan focused on taking over part of the Strait of Hormuz so it can be reopened for commercial shipping — a move that could involve troops on the ground.

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 said a “new chapter” for the region had been taking shape since the start of the US-Israeli war with Iran on 28 February.

The US said it would blockade Iranian ports for as long as Tehran continues to threaten vessels trying to use the Strait of Hormuz, severely disrupting global energy shipments. Iran has retaliated against US-Israeli airstrikes by threatening to attack ships in the waterway.

Source: BBC News, Axios

April 30, 2026 — International oil prices surged to their highest level in four years on Thursday, with Brent crude briefly exceeding $126 per barrel, marking the peak since 2022. The dramatic spike was driven by escalating tensions between the United States and Iran, as well as growing concerns about potential disruptions to the Strait of Hormuz — one of the world’s most critical oil shipping chokepoints.

According to Reuters, oil prices retreated from their peak but remained elevated above $104 per barrel. Analysts note that markets are pricing in the possibility of expanded US military operations against Iran. Axios previously reported that US Central Command has prepared a new wave of “short and powerful” strike options to be briefed to President Trump.

Strait of Hormuz Takes Center Stage

The Strait of Hormuz is the passage for approximately 20% of global oil shipments, and its security is directly tied to worldwide energy supply stability. The Trump administration has previously signaled potential reinforcements to the region, and the market responded sharply. Defense Secretary Hegseth appeared before Congress on Thursday to face questioning on the Iran situation.

“If the Strait of Hormuz is blocked or seriously threatened, global oil supply faces massive disruption risk,” said one energy analyst. Markets have begun pricing in the possibility of a prolonged conflict, with multiple investment banks raising their Q2 oil price forecasts.

Ripple Effect: US Gasoline Prices Soar

Following the crude oil surge, California gasoline prices broke through the $6-per-gallon threshold, making it the most expensive state for fuel in the US. Other major consuming states like Texas are also seeing sustained price increases, creating direct economic pressure on consumers and businesses.

Energy market experts suggest that unless there are signs of de-escalation in the Iran situation, elevated prices could persist. Governments may consider releasing strategic petroleum reserves to stabilize market prices.

Source: Reuters, CBS News

Oil Prices Surge Above $120 Mark

International oil markets experienced dramatic volatility on April 29, with Brent crude futures breaking through the $120 per barrel threshold to reach a multi-month high. The surge was triggered by the US government’s announcement of an extended naval blockade of Iran, fueling market fears that the conflict will escalate further.

BBC reported that oil prices climbed rapidly following news of the “Iran blockade extension.” CNBC data showed Brent crude briefly touching above $120 during trading, with investor anxiety over a prolonged US-Iran conflict driving a broad rally across the energy sector.

Trump Rejects Iran’s Negotiation Offer

According to an exclusive report by Axios, the Trump administration has rejected Iran’s proposed terms for negotiation, making clear that the naval blockade will remain in place until a nuclear deal is reached. This stance has intensified market expectations of further deterioration in Middle East tensions.

CNN analysis noted that Trump views the extended blockade as the best strategy to force Iran back to the negotiating table. However, Iran has threatened to take “practical” action in response, further escalating regional tensions.

Impact on the Global Economy

Oil prices above $120 pose significant risks to the global economy. The sharp rise in energy costs will directly push inflation higher, burdening both consumers and businesses. Analysts warn that if oil prices remain at this level for an extended period, the Federal Reserve’s monetary policy trajectory will face greater uncertainty.

BP’s earnings report released the same day showed profits doubled against the backdrop of rising oil prices driven by the Iran war, reflecting how dramatic energy price swings are reshaping the competitive landscape of the global energy industry.

Market Outlook: Uncertainty Prevails

Energy market analysts generally agree that oil prices will continue to be dominated by geopolitical developments in the near term. Any escalation or de-escalation signal in the Iran conflict could trigger sharp price swings. Investors are advised to closely monitor developments and prepare for continued market volatility.

Source: BBC | CNBC | CNN | Axios