Brent crude oil price — US-Iran war 2026
Price movements from pre-war baseline through the April 7 ceasefire
Pre-war baseline
~$80
Peak (post-Hormuz)
$120+
Ceasefire drop
−18%
Still above pre-war
+$30
Brent crude (USD per barrel)
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40-day conflict
Brent crude rose from ~$80 pre-war to above $120 after Hormuz closure, then fell 18% on ceasefire, remaining ~$30 above pre-war levels.
Brent crude price
Key event