Brent Extends Rally as Iran War Intensifies

2026-04-30 04:03 By Jam Kaimo Samonte 1 min. read

Brent crude futures jumped above $113 per barrel on Thursday, reaching their highest levels since 2022 following reports that the US military would brief President Donald Trump on potential action against Iran, heightening fears that the conflict could escalate further.

Trump also reportedly rejected Tehran’s proposal and reaffirmed that the US will maintain its naval blockade until a nuclear agreement is reached, further weakening prospects for a diplomatic resolution.

Iranian authorities warned of retaliation if the blockade continues, accusing Trump of attempting to force Tehran into submission through economic pressure and internal destabilization.

Meanwhile, US inventory data showed steep declines in crude and fuel stockpiles, while exports surged to record levels above 6 million barrels per day, signaling tightening global supply conditions amid ongoing geopolitical disruption.



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