The price of oil briefly hit $126 — its highest price in years.
Brent crude oil surged overnight on Thursday, April 30 to $126.41 a barrel, reported several news outlets, including CNN and CNBC. The price had dropped, but still remained over the $100-mark to just over $116 a barrel by 5 a.m. MT/6 a.m. CT.
The West Texas Intermediate was about $106 a barrel as of Thursday morning.
The price of gas is also up, and the national average is $4.300 for a gallon of regular gas as of April 30, according to AAA. A month ago, the price of a gallon of fuel was $3.990.
Crude oil prices dropped below $100/barrel in early April, after President Donald Trump announced a ceasefire with Iran and the passage of the Strait of Hormuz, where roughly 20% of the world’s oil is transported.
Brent crude oil price today
Brent crude oil surged overnight on Thursday, April 30 to $126.41 a barrel and dropped to $116 a barrel by 5 a.m. MT/6 a.m. CT.
West Texas Intermediate price
The West Texas Intermediate was about $106 a barrel as of 5 a.m. MT/6 a.m. CT on Thursday, April 30.
Are gas prices expected to go down?
Trump has said that gas prices will go down when the conflict in Iran is over, something echoed by Jason Schenker, president of Prestige Economics, who was interviewed by USA TODAY.
“If the conflict stops and it has a kind of meaningful end to it, I would expect oil prices to fall relatively quickly,” Schenker told USA TODAY. “I do not think they’re going to go all the way down to where they were.”
What are Sam’s Club gas prices? What about Costco?
You can find Sam’s Club gas prices by visiting the store locator website. Gas prices vary by state and by county.
Costco gas prices can be found through Gas Buddy, which tracks the cheapest gas stations near you. Costco has been recognized by GasBuddy as the cheapest fuel station nationwide for the 5th year in a row, according to the Gas Buddy website.
Cheapest gas near me
You can find the cheapest gas near you using the Gas Buddy website.
Iran updates today
President Donald Trump indicated he’s prepared to keep his current strategy of blockading Iranian ports in order to inflict economic pain on the Islamic republic as long as he feels is necessary, reported USA TODAY.
“At this moment, there will never be a deal unless they agree there will be no nuclear weapons,” Trump told reporters in the Oval Office.
Natassia Paloma may be reached at npaloma@gannett.com, @NatassiaPaloma on x; natassia_paloma on Instagram, and Natassia Paloma Thompson on Facebook.
This article originally appeared on El Paso Times: Brent crude oil price spikes overnight as gas prices climb
Reporting by Natassia Paloma, El Paso Times / El Paso Times
USA TODAY Network via Reuters Connect
