Brent Oil Prices Hit Highest Level Since 2022 Amid US-Iran Tensions

Brent oil prices surged above $122 a barrel on April 30, 2026, marking the highest level since 2022. This increase follows stalled US-Iran ceasefire negotiations and the near closure of the Strait of Hormuz, with prices rising nearly 10% in one day. The last time Brent exceeded $120 was during the 2022 Ukraine conflict.

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