Market history · Commodities ·
Oil reaches $126, its highest since 2022
The conflict began with US and Israeli strikes on Iran in late February 2026 and crippled shipping through the Strait of Hormuz, which normally carries about a fifth of the world's oil. On 30 April Brent reached $126.41 a barrel during the day, its highest since March 2022, before easing back to around $121.
Brent had more than doubled since the start of the year. Analysts at the time saw slim prospects of an early resolution, and Washington was reported to be seeking a coalition of countries to help reopen the strait.
The takeaway
Physical supply, not statements, drives prices when a chokepoint is disrupted.
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