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Geopolitical Score 94 Bullish

Brent Crude Nears $120 as US-Iran Conflict Intensifies

Apr 29, 2026 17:06 UTC
CL=F, BZ=F, XLE, USO
Immediate term

Global oil benchmarks have surged to multi-year highs as the conflict between the US and Iran persists. Disruptions in the Strait of Hormuz are fueling fears of a prolonged global energy crisis.

  • Brent crude rose over 7% to trade above $119.50
  • WTI crude currently trading around $107 per barrel
  • Energy flows through the Strait of Hormuz are choked off
  • Market has erased all losses from the previous temporary ceasefire
  • Conflict has entered its second month, creating a record supply shock

Brent crude oil prices jumped more than 7%, climbing above $119.50 per barrel, marking the highest level since June 2022. West Texas Intermediate (WTI) followed suit, trading near $107 per barrel as markets react to the escalating US-Iran war. The price surge comes as investors abandon hopes for a lasting peace following the collapse of a temporary ceasefire earlier this month. The conflict, now in its second month, has severely compromised energy flows through the Strait of Hormuz, a critical artery for global oil shipments. The resulting supply shock has eroded the global supply cushion, triggering a widespread energy crisis. Traders are now pricing in a protracted military engagement rather than a swift diplomatic resolution, effectively erasing all price gains seen during the brief ceasefire period. With benchmark prices hitting fresh highs, the market remains highly volatile. The persistence of the conflict suggests that oil prices may remain elevated as long as the Strait of Hormuz remains a contested zone, posing significant inflationary risks to the global economy.

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