# Oil prices race to highest level since 2022 over fears of Iran war escalation

By Derren Nathan — 2026-04-30

Derren Nathan, head of equity research at Hargreaves Lansdown, said: “Brent crude prices have risen to over $113 per barrel, levels not seen since 2022, after President Trump rejected Iranian proposals to re-open the Strait of Hormuz and speculation mounts on the resumption of military action by US forces.

“A bigger than expected 6.2 million barrel drawdown of US crude inventories last week has also contributed to the squeeze on prices.”

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