Full Breakdown
Oil Prices Surge Amid U.S.–Iran Tensions Over the Strait of Hormuz
4/30/2026, 10:09:50 PM
Core Event: Record Brent Prices as Blockade Plans Intensify
On April 30 Brent crude rose to $124-$126 per barrel, its highest since 2022, while U.S. WTI hovered near $109. The surge followed reports that President Donald Trump will be briefed on U.S. strike options and an extension of the naval blockade of the Strait of Hormuz.
Background & Context: Conflict, Blockade, and Stalled Talks
Since late February 2026 the United States has clashed with Iran, prompting a seal on Iranian ports and closing the Strait of Hormuz, which moves about 20 % of oil. A cease-fire on April 8 halted attacks, and Tehran rejected U.S. demands to reopen the strait before nuclear talks.
Data & Statistics: Market Moves and Supply Shock
Brent futures hit $124.67 and WTI settled near $109. Gasoline averaged $4.23 per gallon. The International Energy Agency called the Hormuz shutdown the “largest supply disruption in history.” Daily tanker transits fell to single-digit, cutting roughly 20 % of oil flows.
Official Statements & Responses: Government Positions
White House: blockade stays until Tehran meets U.S. conditions, more effective than bombing. CENTCOM Admiral
