Brent Crude Jumps to 4-Year High as US-Iran Standoff Deepens

Brent crude oil pushed past $120 a barrel today. This marked its highest level since June 2022, as the US-Iran conflict showed no signs of easing. The global benchmark has now rallied roughly 47% since the US-Israeli strikes on Iran in late February. Brent Crude Hits Highest Level Since 2022. Source: TradingView The broader energy complex also moved higher on Thursday. US crude oil gained 2.59%, gasoline was up 1.44%, and heating oil advanced 3.28%. European gas benchmarks followed the trend, with TTF gas climbing 2.81% and UK gas up 2.03%. Why is Brent Crude Up Today? Media reports indicate that the latest market surge was triggered by renewed geopolitical tensions surrounding the US and Iran, raising fears of a potential escalation in conflict. Axios, citing two sources, revealed that President Donald Trump is expected to receive a briefing on possible military action against Iran from CENTCOM Commander Adm. Brad Cooper. The development has heightened concerns that armed hostilities could resume. Separately, The Wall Street Journal reported that the president had directed aides to prepare for an “extended” blockade of Iran’s ports, a move aimed at increasing pressure on Tehran. Follow us on X to get the latest news as it happens The Treasury Department, through Economic Fury, has targeted Iran’s international shadow banking infrastructure, access to crypto, shadow fleet, weapons procurement networks, funding for terrorist proxies in the region, and independent Chinese “teapot” refineries that support…— Treasury Secretary Scott Bessent (@SecScottBessent) April 29, 2026 Iran has pushed back. Al Jazeera noted that Parliament Speaker Mohammad Bagher Ghalibaf dismissed Washington’s economic pressure campaign. In addition, the Iranian military stated that its restraint so far has been intended to allow room for diplomacy. Meanwhile, diplomatic efforts appear to have stalled, with planned US-Iran talks in Islamabad failing to materialize over the weekend. This has fur...