Oil prices hit record highs amid news that the US is preparing new attacks on Iran

Oil prices jumped to their highest level since 2022 after reports that the US is planning a series of new attacks on Iran to force it into negotiations.

Axios and BBC write about this.

According to Axios, the US Central Command (CENTCOM) has prepared a plan for a “short and powerful” wave of strikes on Iran in hopes of breaking the negotiating deadlock. After the strikes, which are likely to include attacks on infrastructure, the US will pressure the Iranian regime to return to the negotiating table and show more flexibility.

The US President Donald Trump told Axios that he considered the blockade “a little more effective than bombing”, and sources said that as of the evening of April 28, he had not yet ordered any attacks.

The price of Brent crude oil then rose by almost 7% to over $126 a barrel, the highest level since Russia’s full-scale invasion of Ukraine. At press time, the price had fallen slightly to $121.5.

Prices for WTI oil also jumped — on the evening of April 29, they reached $110.5, but have now dropped to $108.

• Oil and gas prices have risen sharply since the US and Israel began a war against Iran in late February. This is due to the blockade of the Strait of Hormuz, through which about a fifth of the worldʼs oil flows.
• After the announcement of a two-week ceasefire in early April, prices began to fall. However, they rose again at the end of the month due to a pause in negotiations between the US and Iran.

For more news and in-depth stories from Ukraine, please follow us on X.