Global Oil Prices Hit 4-Year High Amid Strait of Hormuz Crisis

Global oil prices have surged to their highest levels in the last four years due to disruptions in energy supply in the Strait of Hormuz.

On April 30, 2026, global oil prices sharply increased, reaching $126 per barrel, before falling again. This surge was the highest in approximately four years and sparked market concerns about the stability of global energy supplies.

The increase in oil prices is primarily driven by rising tensions in the Middle East, particularly concerning the conflict between the United States and Iran. Concerns over the potential escalation of the conflict have prompted market participants to react swiftly, pushing oil prices to higher levels.

Brent crude oil briefly reached $126.41 per barrel before correcting by approximately 1.5 percent to around $116. West Texas Intermediate (WTI) oil remained relatively stable at around $106 per barrel.

The price correction following this sharp spike reflects market uncertainty, where investors must weigh geopolitical risks against the technical dynamics of oil trading.

The increase in oil prices is also occurring amid a stalemate in negotiations between the United States and Iran. Diplomatic efforts that have yet to yield results are keeping the crucial energy shipping route, the Strait of Hormuz, disrupted and narrowing global supply.

U.S. President Donald Trump stated that a blockade on Iranian ports could last for months. The U.S. Central Command (CENTCOM) reported that they managed to detain 41 tankers carrying 69 million barrels of oil from Iran.

The surge in oil prices is beginning to impact fuel prices at the consumer level. In the United States, the average gasoline price has reached its highest level in four years.

In the United Kingdom, the current average price of petrol is 157p per liter, an increase of 0.24 pounds compared to the price before the US-Iran war began.