Oil Hits Four Year High As Iran Negotiations Continue
Oil briefly hit $126.41 a barrel early Thursday as market volatility tied to the Iranian conflict continued. The global oil benchmark Brent crude hit its highest price since 2022 before dropping back to $110 a barrel…
Oil briefly hit $126.41 a barrel early Thursday as market volatility tied to the Iranian conflict continued.
The global oil benchmark Brent crude hit its highest price since 2022 before dropping back to $110 a barrel. Prices have risen dramatically from the pre-Operation Epic Fury $73 a barrel standard.
U.S. gasoline prices move in tandem with Brent crude. For every $10 increase in Brent crude prices, U.S. gasoline rises by roughly 24 cents a gallon. Gas has risen from around $2.80 to $4.30 per gallon since Iran shut the Strait of Hormuz in relation to U.S. strikes.
Brent previously crested at $139.18 a barrel in March 2022 after the Russian Federation invaded Ukraine, according to U.S. Energy Information Administration data. Thursday’s peak represents the highest spot price per barrel since. Oil’s spot price is the cost to purchase a barrel immediately, rather than in a future