Global Oil Prices Briefly Reach Highest Level in 4 Years

Global oil prices briefly touched the highest level in four years before fluctuating during weekend trading. On Thursday (30/4/2026), the Brent crude contract for June surged to $126.41 per barrel, the highest in the past four years. However, prices later corrected and closed at $114.01 per barrel. Entering Friday (1/5/2026) US time, the Brent contract for July delivery rose 1.11 percent to $111.63 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude for June increased 0.45 percent to $105.54 per barrel. Under the 1973 War Powers Resolution, the president is required to withdraw troops within 60 days of notifying Congress, unless approval is granted to continue military operations. To date, Congress has not provided such approval. However, the Trump administration argues that the ceasefire achieved three weeks ago has “ended” hostilities between the two parties. Accordingly, the White House believes it is unnecessary to seek congressional approval to continue military involvement. “For the purposes of the War Powers Resolution, the hostilities that began on Saturday, 28 February, have ended,” said the official. This argument was previously presented by US Secretary of Defense Pete Hegseth in a hearing before the House Armed Services Committee, stating that the ceasefire has effectively stopped the war. For context, the US, alongside Israel, launched attacks on Iran on 28 February 2026, and Trump officially notified Congress on 2 March, triggering the 60-day countdown until the 1 May deadline. Despite the ceasefire, tensions remain high. Trump, on Wednesday (29/4/2026), increased pressure on Tehran by affirming that the US will maintain its blockade until Iran agrees to a nuclear deal. On the other hand, Iran refuses to reopen the Strait of Hormuz until the US lifts the blockade on Iranian ports. Reports also indicate that the US Central Command has prepared plans for a “short but powerful” strike on Iran to break the negotiation deadlock between Washington and Tehran. Even as both parties are in a ceasefire phase, a senior Iranian Revolutionary Guard official reportedly threatened to launch a “long and painful” attack on US positions if Washington strikes Iran again.