For the first time, US crude oil WTI futures have surpassed Brent contracts and are trading above $110 per barrel. Prices for both oil types are moving at their highest levels since Russia’s invasion of Ukraine in 2022, but US crude futures are posting higher gains amid developments in the Iran conflict that are setting the tone for investor strategies.
It’s worth noting that in 2022, during the previous energy crisis, WTI reached up to $115.67 per barrel (June 6, 2022). Meanwhile, Brent hit a high of $119.52 per barrel.
Double-digit surge for US WTI above 10%
In Thursday’s trading (April 2, 2026), Brent crude oil futures posted gains above 8%, approaching $110 per barrel, while US WTI futures showed double-digit gains above 10%, also surpassing $110 per barrel. Prices are trending to stabilize above this level, approaching March highs, with WTI leading the surge.
Investors are driving prices higher as hopes for an immediate resolution to the US-Iran conflict fade. In his address yesterday, President Donald Trump did not provide a clear end date for the Middle East conflict, stating that the US has nearly achieved its strategic objectives in Iran while warning that military operations could intensify over the next two to three weeks.
These statements have increased the risk of more extensive damage to energy infrastructure in Persian Gulf countries. The uncertainty is further reinforced by Iran’s rejection of Trump’s claim that it had sought a ceasefire, maintaining that the Strait of Hormuz will remain closed and this vital transit route for oil, LNG and commodities remains under the control of the Revolutionary Guards Navy.
