Oil Hit $93 a Barrel in April as Middle East Tensions Spooked Markets

Brent crude oil jumped to $93 per barrel on April 12, 2024—its highest point that year—after military conflict between Iran and Israel raised oil-supply fears. The spike threatened to reverse months of cooling inflation. Central banks, already caught between managing inflation and supporting growth, now had even less room to maneuver as pressure mounted against interest rate cuts.