Brent crude oil futures jumped more than 7% to almost $120 per barrel on Wednesday, the highest level since June 2022 as prospects remain dim for a near-term resolution to the Iran conflict or the reopening of the Strait of Hormuz. President Trump said the US would keep its naval blockade on Iran in place until it agrees to a nuclear deal. The surge comes as markets weigh the shock exit of the OPEC by the United Arab Emirates. Meanwhile, US inventory data showed sharp declines in crude and fuel stockpiles, while exports surged to record highs above 6 million barrels per day, underscoring tightening global supply.

Brent rose to 120.22 USD/Bbl on April 29, 2026, up 8.05% from the previous day. Over the past month, Brent's price has risen 11.94%, and is up 96.88% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent crude oil - data, forecasts, historical chart - was last updated on April 29 of 2026.

Brent rose to 120.22 USD/Bbl on April 29, 2026, up 8.05% from the previous day. Over the past month, Brent's price has risen 11.94%, and is up 96.88% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil is expected to trade at 108.06 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 121.06 in 12 months time.