Brent Oil Hits $98 as Iran Ceasefire Expires TODAY — What $100 Oil Means for Gas, Flights, and Your Wallet

# Brent Oil Hits $98 as Iran Ceasefire Expires TODAY — What $100 Oil Means for Gas, Flights, and Your Wallet

> **Quick answer:** Brent crude closed at $98.48 Tuesday — the highest since 2022 — as Iran's two-week ceasefire expires tonight at 7:50pm ET with no deal signed. Goldman Sachs says another month of Hormuz closure pushes Brent to $120. JPMorgan warns of a $150 overshoot. Here is exactly what $100 oil does to your gas pump, your next flight, and the price of groceries.

The clock is running out. The Iran-U.S. ceasefire agreed on April 8 expires tonight at 7:50pm Eastern, and as of Tuesday afternoon, Iran's foreign ministry says there is "no plan for a second round of negotiations." Brent crude hit $98.48 — up 3% on the day — and the $100 barrier that hasn't been breached since 2022 is now a coin flip away from your next fill-up.

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

## The Ceasefire That Wasn't: What Happened and Why It Matters

The two-week truce announced April 8 was supposed to create space for negotiations over the Strait of Hormuz — the narrow waterway carrying roughly one-fifth of the world's daily oil supply. It did not. Within days, the ceasefire was straining under competing interpretations: Pakistan's prime minister said the deal covered "Lebanon and elsewhere," while Trump, Netanyahu, and VP Vance explicitly rejected that reading. Iran re-closed Hormuz access after the U.S. refused to lift its naval blockade of Iranian ports. Iran then began charging tolls exceeding $1 million per ship for the vessels it did allow through.