Oil prices briefly hit wartime high as Trump weighs new strikes on Iran
Oil prices briefly surged to their highest level since the start of the US-Iran war, reaching over $126 per barrel, as President Trump considered new military strikes against Iran. The increase followed Trump's endorsement of a blockade on Iranian ports, though prices later dropped after reports of planned brief but intense strikes aimed at forcing Iran to negotiate. The US and Iran have been under a cease-fire since April 8, but tensions remain high amid ongoing threats of renewed conflict.
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Politics Oil prices briefly hit wartime high as Trump weighs new strikes on Iran By Samuel Chamberlain Published April 30, 2026, 6:43 a.m. ET Oil prices surged to their highest level since the beginning of the US-Iran war early Thursday before retreating on the strength of fresh reports that President Trump could soon resume attacking the Islamic Republic. The price of a barrel of Brent crude, the international benchmark, topped $126 per barrel shortly after midnight ET, hours after Trump indicated that he preferred to keep in place a weeks-long blockade on Iranian ports in the Strait of Hormuz. 3 Trump meets with NASA official and Artemis II astronauts in the Oval Office of the White House in Washington DC on Wednesday, April 29, 2026.
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