Global Oil Price Retreats After Hitting 4-Year High as Iran War Deadlock Continues

Aramco oil facility near al-Khurj, just south of Riyadh, Saudi Arabia, on Sept. 15, 2019. Fayez Nureldine /AFP via Getty ImagesOil prices retreated ​after hitting a four-year high of more than $126 a barrel ​on April 30, amid concerns that the U.S.–Iran war could escalate and disrupt oil flows out of the Middle East for an extended period.Global oil benchmark Brent crude futures were down by $2.05, or 1.7 percent, to $115.98 a barrel as ​of 6:16 a.m. ET, after touching an intraday high of $126.41, ​the ⁠loftiest since March 9, 2022—just weeks after Russia launched its full-scale invasion of Ukraine.