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WAM reported on July 18, 2026 that oil prices jumped more than 4 percent at settlement on Friday, reaching their highest levels in over a month as traders weighed ongoing geopolitical developments. The increase pushed Brent crude above $88 a barrel while West Texas Intermediate also posted solid gains. Market participants monitored developments in the Middle East that could affect global supply chains. The settlement reflected a broad risk premium building across energy contracts.
A series of reports from major outlets placed the price action in the context of earlier volatility triggered by regional conflict. The New York Times reported that oil prices surged on March 8, 2026 with Brent crude rising above $100 a barrel for the first time in roughly four years. That move came as concerns mounted over potential disruptions to energy supplies. The publication noted the surge raised gas prices for American consumers and weighed on the stock market.
Yahoo Finance data showed US oil prices notched their biggest weekly surge since at least 1985 as the conflict disrupted the Strait of Hormuz. West Texas Intermediate gained over 38 percent in the week to briefly cross $92 a barrel. Brent crude gained roughly 30 percent to trade above $94 a barrel. The figures marked the largest weekly gain for Brent since April 2020.
ABC7 News reported that Brent crude briefly touched $126.41 a barrel on April 30, 2026 before easing to $116.30 a barrel. The spike represented the highest price in four years amid worries about escalation in the US-Iran conflict. West Texas Intermediate held near $106.70 a barrel on the same day. Trading volumes thinned during the volatile session.
NBC News indicated that US crude continued pushing higher to more than $111 a barrel in early April 2026, recording nearly a 12 percent one-day jump. The increase represented the biggest single-day gain in six years. Brent rose nearly 8 percent to more than $109 a barrel on the same session. The moves left both benchmarks up sharply for the year.
A separate report noted that Brent crude rose 1.4 percent to $110.20 a barrel while West Texas Intermediate was up 0.3 percent at $95.90 a barrel. Goldman Sachs analysts stated that prices would remain in the triple digits. The assessment reflected expectations of prolonged supply tightness. Observers continued to track developments that could influence future production levels.
