Brent Briefly Tops $126/bbl, WTI $109.64 — Oil Spikes as CENTCOM Prepares Strike Options; US Gas $4.30/gal

Oil markets recorded dramatic gains on April 30, 2026 — Day 62 — as CNN and Jerusalem Post reported CENTCOM was preparing fresh military strike options against Iran for President Trump's review, and as the War Powers Resolution deadline loomed with no diplomatic breakthrough. Brent crude briefly topped $126 per barrel — a new record for the conflict — before pulling back. West Texas Intermediate rose approximately 2.6% to $109.64 per barrel. US average retail gasoline hit $4.30 per gallon, the highest sustained level of the conflict. Treasury Secretary Bessent warned publicly that Iran's Kharg Island oil export terminal is approaching storage capacity, costing Iran approximately $170 million per day in lost oil revenue and risking permanent infrastructure damage. Only 5–8% of normal Hormuz traffic was operating on April 30 — approximately 7 vessel transits in 24 hours versus the normal ~60. The Wall Street Journal confirmed the Trump administration was preparing a long-term blockade strategy as a less risky alternative to renewed strikes. International Business Times reported Hormuz remained 'heavily restricted' as the dual US-Iran blockade deepened. The World Bank's earlier characterization of the Hormuz closure as the 'largest oil supply shock on record' continued to apply.