Aramco oil facility near al-Khurj, just south of Riyadh, Saudi Arabia, on Sept. 15, 2019. Fayez Nureldine /AFP via Getty Images
Oil 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 $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.
