Brent crude tops US$ 125 a barrel on Iran war worries, while world stocks retreat

The price of Brent crude oil surged past $125 per barrel early on Thursday, April 30, 2026, as escalating tensions in the Iran war and a continued blockade of the Strait of Hormuz threatened global energy supplies. 

Oil Market Surge

• Brent Crude: Jumped 6.2% to $125.36 for June delivery as stalled U.S.-Iran peace talks raised fears of a prolonged conflict.
• WTI Crude: The U.S. benchmark climbed 2.3% to $109.38 per barrel.
• Key Drivers:
  • The Strait of Hormuz, which handles roughly 20% of global oil trade, remains effectively closed, creating the largest supply shock on record according to the International Energy Agency (IEA).
  • Geopolitical uncertainty has intensified as the war enters its ninth week with no clear path to a ceasefire.  

Global Stock Market Retreat

Global equity markets retreated on April 30 as investors shifted toward safe-haven assets amid rising inflation concerns triggered by the energy shock. 

• Asian Markets:
  • Tokyo’s Nikkei 225 shed 1.6% to 58,967.07.
  • Hong Kong’s Hang Seng lost 1.3%, while India's Sensex dropped 1.2% in early trade.
• U.S. & European Markets:
  • U.S. Futures signaled a lower open following a muted Wednesday session where the Federal Reserve kept interest rates steady.
  • The S&P 500 (US500) fell to 7,126 points, reflecting a 0.14% dip from the previous session. 

Currency Impact

• U.S. Dollar: Gained strength against major currencies, serving as a safe-haven for investors during this period of heightened risk.
• Indian Rupee: Hit a record closing low of 95.20 per USD, pressured by the spike in oil import costs and regional conflict.