Brent heads toward record highs
- Brent crude rose for an eighth straight session on April 29, hitting a one-month high as traders priced a longer U.S. blockade of Iranian ports. - ICE data showed the June Brent contract at about $116.56 a barrel, up 4.8% intraday; Reuters earlier put Brent near $115.50. - Brent remains below its 2008 record near $147.50, but war-driven supply fears have pushed U.S. gasoline to $4.229. (ice.com) (tradingeconomics.com) (aaa.com)
Brent crude climbed to a one-month high on Wednesday, April 29, as traders reacted to reports that the U.S. will extend its blockade of Iranian ports. (usnews.com) Reuters reported Brent futures for June rose $4.24, or 3.81%, to $115.50 a barrel by 12:55 GMT, marking an eighth straight daily gain. (usnews.com) ICE pricing later showed the June 2026 Brent contract at $116.560, up 4.764% on the day, with more than 63,000 contracts traded. (ice.com) Brent is the benchmark used to price roughly two-thirds of internationally traded crude, so moves in that contract feed quickly into fuel costs far beyond the Middle East. (ice.com) The latest jump is sharp, but it is not close to Brent’s all-time high. Trading Economics lists the historical peak at $147.50 a barrel in July 2008. (tradingeconomics.com) The Energy Information Administration said daily Brent prices had already reached almost $128 on April 2 after the Strait of Hormuz was effectively closed to shipping traffic on February 28. (eia.gov) The World Bank said on April 28 that Brent could average as high as $115 a barrel in 2026 if damage to energy facilities worsens and export volumes recover slowly. (worldbank.org) Another shock hit the market a day earlier when the United Arab Emirates said it would leave OPEC and OPEC+ on May 1, ending nearly six decades inside the producer groups. (usnews.com) (apnews.com) UAE officials said the exit followed a review of national energy strategy, while Reuters reported the move dealt a blow to Saudi Arabia’s leadership of the alliance. (usnews.com) American drivers are already seeing the spillover. AAA listed the U.S. national average for regular gasoline at $4.229 a gallon on April 29. (aaa.com) The New York Times reported the national average hit $4.23 as gasoline followed crude higher while Middle East supplies remained disrupted. (nytimes.com) For now, the market is trading on disruption, not records. Brent is rising fast, but the numbers on April 29 still point to a war premium rather than a return to 2008 extremes. (ice.com) (tradingeconomics.com)
