Oil prices have jumped to the highest level since 2022 amid report of a U.S. plan to launch a fresh wave of attacks on Iran and President Donald Trump's decision to extend the U.S. naval blockade of Iranian ports.
Brent crude soared to a four-year high of above $126 per barrel at one stage Thursday, increasing by more than 12 percent, before losing some gains.
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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.