Brent Oil Spiked to $93 in April as Iran-Israel Tensions Rattled Central Banks

Brent crude reached $93/barrel on April 12, 2024—the year's peak—as Iran-Israel military escalation drove geopolitical risk premiums to 2022 post-invasion levels. The surge, confirmed by the EIA, threatened to reverse the disinflationary progress central banks had achieved. A weak yen amplified import costs for Japan to multi-decade highs. For rate-setters navigating the tightening-to-easing pivot, the spike compressed policy room for error just as momentum toward rate cuts was gaining traction.