Brent Crude $120: Trump's Iran Blockade Is Now Policy, UAE Exits OPEC, and $5 Gas Is Coming

# Brent Crude $120: Trump's Iran Blockade Is Now Policy, UAE Exits OPEC, and $5 Gas Is Coming

> **Quick answer:** Brent crude hit $120.30 per barrel on April 29, 2026 — its highest price since June 2022 — after President Trump confirmed the U.S. naval blockade of Iran is indefinite policy, not a temporary measure. The +8% single-session surge was amplified by the UAE's shock OPEC exit effective May 1 and the IEA's warning that 13 million barrels per day remain offline in the largest supply disruption in oil market history. With WTI above $106 and national gas prices at $4.23 per gallon, $5 gas is a credible scenario for summer 2026.

*This article is for informational purposes only and does not constitute financial advice. Consult a qualified financial advisor for personal financial decisions.*

The $120 threshold matters. It is not just a round number — it is the level at which fuel surcharges cascade through supply chains, airline route cuts become financially rational, and household energy budgets break in ways that shift consumer spending for months. Brent crossed that threshold on April 29 for the first time in nearly four years, and the forces driving it are not short-term noise. They are structural.

## The $120.30 Session: What Happened on April 29

Brent crude futures surged 8% in a single session on April 29, 2026, touching an intraday high of $120.30 before settling near $118-119. WTI crude tracked the move, holding above $106-107, widening the Brent/WTI spread to $14-15 — historically elevated, reflecting the premium markets are assigning to non-U.S. supply risk.