Donald Trump sits in the Oval Office of the White House, Washington D.C., April 18, 2026 (Julia Demaree Nikhinson/AP)
UPDATES: US-Israel Wars, Day 62 — Iran’s 2-Stage Ceasefire Proposal
The Brent crude oil price has hit a wartime high amid the Trump Administration’s threat of a months-long naval blockade of Iran’s port and the ongoing Iranian grip on the Strait of Hormuz.
Brent has surged to $124 per barrel early Thursday, a 5% leap. Since April 17, when the price was $90.38, the cost has risen 37%. It has almost doubled since the start of the US-Israel Wars on Iran and Lebanon on February 28.
Brent briefly peaked above $119 per barrel on March 19, as Iran’s retaliatory attacks hit energy facilities across Gulf States. It fell sharply two weeks ago with hopes that US-Iran talks could bring a ceasefire and the opening of the Strait of Hormuz. The possibility of discussions stalled last week, as the Iranians refused negotiations until the American blockade was lifted.
On Wednesday, Trump blustered that Iran “better get smart soon” as the White House said he and oil executives considered what steps could be taken to “continue the current blockade for months if needed”.
The US inflation rate rose to 3.3% in March. The average price of unleaded gasoline has soared from $2.98 to $4.23 per gallon — the highest since April 2022 in the early days of Russia’s invasion of Ukraine — as Trump’s approval rating on inflation has collapsed to 26%.
