Oil Hits Four Year High As Iran Negotiations Continue
Oil prices briefly reached a four-year high of $126.41 a barrel amid ongoing tensions related to Iran and the continued closure of the Strait of Hormuz, before settling at $110. The surge follows failed negotiations between U.S. Vice President JD Vance and Iranian leaders, and subsequent U.S. military actions in the region. Brent crude's peak is the highest since March 2022, with gasoline prices in the U.S. rising in tandem due to the increased cost of oil.
- ▪Oil prices briefly hit $126.41 a barrel, the highest level since 2022, before dropping to $110.
- ▪U.S. gasoline prices have risen from $2.80 to $4.30 per gallon in response to higher crude costs and the closure of the Strait of Hormuz.
- ▪Brent crude previously peaked at $139.18 in March 2022 following Russia's invasion of Ukraine.
- ▪Vice President JD Vance led U.S.-Iran negotiations in Pakistan starting April 11, 2026, which did not result in an agreement.
- ▪President Donald Trump ordered a blockade of the Strait of Hormuz on April 12, 2026, in response to the failed talks and Iranian toll demands.
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Energy Oil Hits Four Year High As Iran Negotiations Continue (Photo by RONALDO SCHEMIDT / AFP via Getty Images) Benjamin Roberts Associate Editor April 30, 2026 3:21 PM ET April 30, 2026 3:21 PM ET Benjamin Roberts Associate Editor Font Size: const observer = new MutationObserver((mutations) => { const adDivToHide = document.querySelector("#dailycaller_incontent_1"); if (adDivToHide && dc_noads_page) { adDivToHide.classList.add("hide-premium", "hide-free"); observer.disconnect(); console.log("Ad div found and hidden"); } }); observer.observe(document.body, { childList: true, subtree: true }); Oil briefly hit $126.41 a barrel early Thursday as market volatility tied to the Iranian conflict continued.
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