Oil Prices Through the 2026 Iran Tensions

Through the first half of 2026, oil markets moved repeatedly on the state of US–Iran relations. Prices climbed in late January on general uncertainty, fell back in early-to-mid February as the US and Iran agreed to hold talks, then jumped again on 19 February amid fears of a Middle East supply disruption as those talks failed to produce a clear resolution.

The most dramatic move came on 4 May 2026, when Brent crude spiked nearly 6% to $114.40 a barrel — its highest level in years — as a ceasefire that had been holding appeared to come under serious strain amid fresh attacks. WTI moved in step, rising to $106.42.

These figures are discrete, dated observations drawn from public reporting on oil markets through the period, rather than a continuous daily feed — each point represents a specific reported price on a specific day, with the news event that accompanied it.