Brent Crude Tops $114

2026-05-04 20:35 By Joana Taborda 1 min. read

Brent crude oil futures jumped 5% to $114 per barrel on Monday, the highest since mid-2022, as tensions in the Middle East escalated sharply, with the US and Iran exchanging fire in the Strait of Hormuz.

The US military said Iran’s Revolutionary Guard Corps launched cruise missiles at American warships and commercial vessels, while US forces “defended all commercial ships” against drones and small boats deployed by Tehran.

Meanwhile, the United Arab Emirates reported intercepting incoming Iranian missiles and confirmed a fire at its Fujairah oil hub, one of the first major infrastructure hits in weeks.

A tanker was also struck by drones near the strait.

The developments followed President Trump’s plan to restore shipping through the critical waterway and assist stranded vessels, though shipowners remain cautious amid heightened security risks.

US Central Command added that two American-flagged ships have successfully transited the area as efforts to reopen traffic continue.



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