Oil hits five-month high amid fears US will renew strikes on Iran
Oil prices have risen to their highest level in over five months as fears of a fresh escalation in the Middle East conflict grip the energy markets. Brent crude increased by 1% on Friday morning to $114.72 a barrel, its highest level since May.
The story so far
- Apr 30
- Oct 23
How outlets cover it
3 outletsNot rated on the left–right scale. It describes Western party politics and doesn’t fit state media or outlets outside that system, so we show ownership and country instead.
Open questions and key claims
The US Strategic Petroleum Reserve (SPR) has fallen to 283 million barrels, its lowest level since October 1982.
The US blockade of Iranian ports could last for months if needed.
Brent oil price soared above $126 a barrel on Wednesday, its highest level since 2022.
US inflation soared in March, with prices up 3.3% over the year.
Brent crude surged as much as 7.3 per cent, surpassing US$126 a barrel.
Global oil prices jumped to a four-year high of more than US$122 a barrel on Thursday.
Global oil benchmark Brent crude futures rose US$3.73, or 3.2 per cent, to $121.76 a barrel as of 0820 GMT.
Brent crude rose by more than $2 to $110.85 a barrel on Wednesday, close to a five-month peak.
Who and where
Related stories over time
same people and places- Apr 30 – Oct 23◆ This story
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