Oil Hits $105 WTI/$126 Brent Amid Iran War; Q1 Earnings Mixed as Majors Fall, Refiners Rise

Oil prices surged to $105 WTI and $126 Brent on May 2, 2026, as U.S.-Iran conflict continues disrupting 20% of global flows through the Strait of Hormuz. The rally ignited March 3 after U.S.-Israel strikes on Iran, propelling WLDOIL up 57% to $116.60 seven-year highs by mid-March and triggering IEA's record 400 million-barrel release alongside a cut in 2026 supply growth to 1.1 million b/d. Q1 earnings were mixed: ExxonMobil's adjusted profits dropped to $4.9 billion ($1.16/share) on $3.9 billion hedge losses and disruptions, Chevron fell 36% with $2.9 billion charges, but HF Sinclair posted surprise $0.69 EPS on 73% wider cracks.