Back to today’s briefing

Story perspectives

Brent Crude Tops $126 as Trump Orders Iran Port Blockade

5/2/2026

50 11 Full Breakdown

Summary

Story summary

Brent crude rose above $126 a barrel on Thursday, stalled U.S.–Iran talks raising Strait of Hormuz doubts.
President Donald Trump ordered a blockade of Iran’s ports, prompting a meeting with Chevron CEO Mike Wirth and leaders to discuss limiting its impact on U.S. consumers.
Brent futures were set for a 5.2 percent weekly gain and fell $2 after Iran’s proposal to Pakistani mediators.
WTI futures targeted a 10.5 percent weekly rise.

History

Historical Context

In October 1973 OAPEC, led by Saudi Arabia and Iran, imposed an oil embargo on the United States and other Israel supporters, cutting output by 5 % per month and raising the posted price from $3.01 to $5.12 per barrel. The shock lifted world crude prices nearly 300 % to about $12 per barrel by early 1974.

1 of 2

Story summary

Brent crude rose above $126 a barrel on Thursday, stalled U.S.–Iran talks raising Strait of Hormuz doubts.
President Donald Trump ordered a blockade of Iran’s ports, prompting a meeting with Chevron CEO Mike Wirth and leaders to discuss limiting its impact on U.S. consumers.
Brent futures were set for a 5.2 percent weekly gain and fell $2 after Iran’s proposal to Pakistani mediators.
WTI futures targeted a 10.5 percent weekly rise.

1 / 2