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Brent Surges 8% to $120 Amid Iran Blockade

4/30/2026

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Summary

Trump Urges Blockade

Brent crude jumped 8% to $120.27 a barrel on April 30, 2026, amid the Iran blockade.
West Texas Intermediate rose 6% to $107.54 a barrel.
U.S. President Donald Trump told Axios the blockade is choking Iran and urged preparation for an extended blockade.
International Energy Agency (IEA) reported a 10 million-barrel-per-day supply drop in March, prompting Mohamed El-Erian, David Morrison and Suvro Sarkar to forecast Brent at $100-$125 a barrel.

Summary

AAA Reports Surge

AAA reported gasoline averaged $4.23 per gallon on Wednesday, the highest price since the Iran war began, and a 42 percent rise in drivers’ costs.
Credit-card data show U.S. consumers spent 16.5 percent more on gasoline in March than February.
Bank of America analysts said lower-income households bear the sharpest burden, noting large tax refunds could offset higher fuel bills for about five months while credit borrowing offers limited relief.

Summary

Bank of Canada Flags

Bank of Canada named Iran war and Canada-U.S-Mexico trade-agreement review as its uncertainties.
Governor Tiff Macklem warned U.S. trade measures could trigger a rate cut while prices might force tightening.
Hadiza Djataou of Mackenzie Investments is shifting portfolios to inflation-linked U.S. bonds and away from real-estate.
TSX fell 265.95 to 33,318.39, with gold down $46.90 to $4,561.50 an ounce.

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Trump Urges Blockade

Brent crude jumped 8% to $120.27 a barrel on April 30, 2026, amid the Iran blockade.
West Texas Intermediate rose 6% to $107.54 a barrel.
U.S. President Donald Trump told Axios the blockade is choking Iran and urged preparation for an extended blockade.
International Energy Agency (IEA) reported a 10 million-barrel-per-day supply drop in March, prompting Mohamed El-Erian, David Morrison and Suvro Sarkar to forecast Brent at $100-$125 a barrel.

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