PiCK

Brent Crude Tops $126, Highest Since March 2022

Source

Suehyeon Lee

Summary

Brent crude rose 6.92%% from the previous session to $126.20 a barrel, marking its highest level since March 2022.
The sharp jump in Brent prices was attributed to prolonged geopolitical risks in the Middle East.
Preparations for a long-term maritime blockade on Iran ordered by President Donald Trump increased concern over disruptions to global crude supplies and upward pressure on oil prices.

Forecast Trend Report by Period

Brent crude surged above $126 a barrel.

As of 1:26 p.m. on April 30 in Korea, Brent crude traded at $126.20, up 6.92% from the previous session, according to CNBC data. That marked its highest level since March 2022.

The latest rally in oil prices appears to reflect prolonged geopolitical risks in the Middle East. The Wall Street Journal reported on April 29 that President Donald Trump had instructed aides to prepare a long-term maritime blockade to pressure Iran to abandon its nuclear program.

Trump also told refining industry officials that a maritime blockade on Iran could last for several months or longer, the Journal reported. The prospect has heightened concerns over disruptions to global crude supplies and increased upward pressure on oil prices.