Brent crude soared past US$123 a barrel on April 30, 2026, in what traders are calling a “wartime high.”
The price spike follows reports that U.S. Central Command is set to brief President Donald Trump on potential military options against Iran, fueling fears of renewed armed conflict.
Market volatility has intensified as the U.S. maintains a naval blockade on Iranian ports, effectively choking Iranian exports after Washington rejected Tehran’s proposals linked to reopening the Strait of Hormuz.
Analysts at Goldman Sachs say flows through this vital chokepoint have fallen to a small fraction of normal levels, while the United Arab Emirates’ planned exit from OPEC on May 1 is unlikely to deliver new barrels quickly enough to ease near‑term tightness.
Despite signs of softer demand in jet fuel and petrochemical feedstocks, the surge in prices underscores a market braced for prolonged geopolitical instability and constrained global energy supplies.