US EditionOil prices surge to highest level since 2022 as Trump mulls Iran blockade extension
Brent and West Texas Intermediate jumped as the blocked Strait of Hormuz cut off about 20% of global petroleum shipments, traders said.
- Brent crude oil prices surged above $125 per barrel on Thursday, April 30, 2026, as stalled U.S.-Iran negotiations and a sustained U.S. naval blockade kept the Strait of Hormuz effectively closed.
- Global energy markets tightened after Iran closed the Strait of Hormuz on April 13, following the February 28 start of a U.S.-led air campaign, effectively cutting off roughly 20% of globally traded oil.
- During a Tuesday meeting with oil executives, President Donald Trump discussed extending the U.S. naval blockade for months while rejecting Tehran's proposal to reopen the Strait.
- Iranian Parliament Speaker Mohammad Bagher Ghalibaf dismissed the U.S. blockade strategy as "junk advice" on Thursday, warning that global oil prices could climb to $140.
- With no clear path to resolving the conflict, analysts at Kpler warn the stalemate could last for weeks, signaling that elevated oil prices are likely to persist.
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181 Articles
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Business - Crude oil prices hit four-year high as Iran war threatens to drag on
Brent crude has jumped to its highest level since the start of the Ukraine war after US President Donald Trump signalled that the American blockade on the Strait of Hormuz could last for months. Also in this edition: the US Federal Reserve prepares for a new chief as its board tries to maintain political independence, and French oil giant TotalEnergies faces calls for a windfall tax amid soaring profits.
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