Oil Price Today (April 30): Crude oil surges to $120, highest since 2022 on blockade fears

Crude oil prices rocketed on April 30, 2026, with Brent June futures hitting $120 per barrel—the highest since mid-2022—while WTI reached $107.09 amid fears of a prolonged U.S. naval blockade on Iranian ports and stalled nuclear talks disrupting the Strait of Hormuz. This extended a rally that saw prices cross $110 on April 29 after eight straight sessions of gains, driven by supply worries carrying ~20 million barrels daily through the strait. Analysts from Macquarie and Nuvama warn prolonged disruptions could push Brent to $110–$150, signaling bullish momentum and elevated volatility.