Oil prices rise again with little sign of war on Iran ending
Key takeaways
- Brent crude futures hit $126.41 on Thursday – a 5 percent rise for the week.
- On Friday, Brent crude, the international benchmark, was up 89 cents at $111.29 a barrel by 08:08 GMT, compared with about $65 before the US and Israel began strikes on Iran on February 28.
- Brent crude futures for June also continued to rise on Thursday, hitting $126.41 a barrel before expiry, marking the highest level since March 2022, Reuters said.
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Brent crude futures hit $126.41 on Thursday – a 5 percent rise for the week.
xwhatsapp-strokecopylinkgoogle Add Al Jazeera on Googleinfo People walk past a billboard with a graphic design depicting Iran's control of the Strait of Hormuz on a building in Tehran, Iran, on April 27, 2026 [Majid Asgaripour/WANA (West Asia News Agency) via Reuters]By Al Jazeera Staff and Reuters Published On 1 May 20261 May 2026Oil prices are spiking again as efforts to resolve the Iran war remain at an impasse, with Tehran continuing to block the Strait of Hormuz and the United States Navy blockading Iranian ports and exports of Iranian crude.
On Friday, Brent crude, the international benchmark, was up 89 cents at $111.29 a barrel by 08:08 GMT, compared with about $65 before the US and Israel began strikes on Iran on February 28. Overall, the Brent benchmark was poised for a 5.7 percent gain over the week, the Reuters news agency reported.