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Oil price reaches highest level since 2022

2026-04-30 17:18:00, Kosova & Bota CNA

Oil prices rose to their highest level since 2022 after a report that the US military will brief President Donald Trump on new plans for possible action in the Iran war.

Brent crude rose by almost 7% to more than $126 (£94) a barrel at one point, before falling again.

US Central Command has prepared a plan for a wave of "short and powerful" strikes on Iran in an attempt to break the deadlock in negotiations with Tehran, the news website Axios reported. The BBC has contacted US Central Command and the White House for comment.

Energy prices have risen this week, while peace talks appear to have stalled, with the main waterway of the Strait of Hormuz still virtually closed.

About 20% of the world's oil and liquefied natural gas (LNG) typically passes through the strait, and the conflict has caused global energy prices to rise sharply.

Brent crude hit $126.31 a barrel earlier on Thursday, the highest since Russia's full-scale invasion of Ukraine. However, the price then fell sharply later in the day to around $114.

The sudden change in the price of oil was partly blamed on a deadline for agreements known as futures contracts - which are agreements to buy or sell an asset on a specific date.

The current Brent futures contract for June delivery expired on Thursday, which contributed to its decline, said Naveen Das, senior oil analyst at Kpler. The most active July contract was trading lower at around $110 a barrel.

Crude oil is a key ingredient in gasoline and diesel, and rising prices since the start of the war with Iran have raised fuel prices for drivers.

In the UK, petrol currently costs an average of 157p per litre, according to motoring group RAC, which is 24p higher than before the war. Diesel is 188.5p per litre, 46p higher than its pre-war price.

RAC head of policy Simon Williams said that while the price of petrol at the pump has fallen, "our analysis of wholesale costs shows that petrol is now more expensive to buy from retailers than at any time since the start of the war".

"However, the price of oil, which has fallen by 3 pence per litre, is currently well below its highest wholesale price since the start of the conflict, so it should fall further."

But the potential impact is wider than just petrol and diesel prices. The UK government has warned that people could face higher energy, food and flight prices as a result of the war.

Some airlines have already started raising ticket prices or cutting flights. Garbage prices have also started to rise, which could have a further effect on food prices./CNA, translated by BBC