Iran war pushes oil prices to 4-year high as Hegseth to face lawmakers

The price of global benchmark Brent crude oil briefly surged past $126 a barrel early Thursday as stalled U.S.-Iran talks raised doubts over the reopening of the Strait of Hormuz and a permanent end to the Iran war. The $126 mark for a barrel of Brent crude is a four-year high. The last time it was priced so high was soon after Russia launched its ongoing full-scale invasion of Ukraine in early 2022. Brent crude to be delivered in June jumped 3.3% to $121.90 after briefly soaring past $126 per barrel. Brent to be delivered in July rose 1.4% to $112.02. Benchmark U.S. crude climbed 1.3% to $108.28 per barrel. Before the war began in late February, Brent crude was trading around $70 per barrel. The U.S. has continued its blockade of Iranian ports and vessels, prompting Iran to reinstate severe restrictions on commercial ships using the Strait of Hormuz, and the ensuing gridlock of tankers is pushing oil prices higher. A man looks at the India-flagged tanker Desh Garima as it unloads crude oil at an offloading terminal after transiting the Strait of Hormuz, amid supply disruptions linked to the U.S.-Israeli war with Iran, in Mumbai, India, April 30, 2026. Francis Mascarenhas/REUTERS According to a Thursday report by Axios , citing two anonymous sources with knowledge of the planning, President Trump is expected to receive a briefing later in the day on new plans for a potential resumption of military action in Iran from Admiral Brad Cooper, the commander of U.S. …