Oil prices surge to $126 as US-Iran tensions and Strait of Hormuz blockade spark global market panic
On April 30, 2026, global oil prices spiked to $126 amid escalating US-Iran tensions and fears of prolonged supply disruptions. The US blockade of the Strait of Hormuz and Iran’s potential retaliation drove markets into turmoil. Immediate consequences included heightened geopolitical risk and pressure on oil firms.
Where Sources Diverge
euronews reported oil hitting $126, while reuters and france24 mentioned four-year highs but did not specify the exact price.
Oil temporarily hits $126 wartime high
Brent crude has jumped to its highest level since the start of the Ukraine war
reuters reported oil prices retreating after hitting a four-year high, while other reuters articles suggested continued price rises.
Oil retreats after hitting four-year high on concern of US-Iran war escalation
Oil prices rise with no sign of end to Iran war
Timelines
Sources
Oil prices rise with no sign of end to Iran war Reuters
Oil retreats after hitting four-year high on concern of US-Iran war escalation Reuters
Prospect of prolonged Iran war disruption drives oil forecasts higher Reuters
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.
Oil markets face upward pressure on Thursday, with Brent crude briefly touching $126 as markets price in tensions in the negotiations between the US and Iran.
US President Trump meets with oil firms over ways to minimise impact on fuel supplies amid US blockade of Iranian ports.
Oil prices extend gains as US-Iran war deadlock keeps supply off market Reuters