Brent Crude Hits Four-Year High, Briefly Surges Past $126 on Iran Tensions

The price of global benchmark Brent crude oil briefly surged past $126 a barrel at one point last week as stalled U.S.-Iran talks raised doubts over stability in the Strait of Hormuz and prospects for ending tensions with Iran, CBS News and the Associated Press (AP) reported.

The last time prices reached similar levels was shortly after Russia launched its full-scale invasion of Ukraine in early 2022.

The $126 mark is a four-year high for Brent crude. The last time prices reached similar levels was shortly after Russia launched its full-scale invasion of Ukraine in early 2022.

Brent crude for June delivery jumped 3.3% to $121.90 after briefly surpassing $126 per barrel, while July contracts rose 1.4% to $112.02.

U.S. benchmark crude climbed 1.3% to $108.28 per barrel. Before the Ukraine war began in late February 2022, Brent crude traded at around $70 per barrel.

The U.S. has continued pressure on Iranian oil exports, prompting Iran to impose restrictions on commercial vessels using the Strait of Hormuz.

The resulting tanker congestion has contributed to rising oil prices. According to a Thursday report by Axios, citing two anonymous sources, President Donald Trump was expected to receive a briefing later in the day from Admiral Brad Cooper, commander of U.S. Central Command, on potential plans related to Iran.