Oil price today (April 29, 2026): Brent oil jumps above $119 a barrel, highest since 2022 ahead of Fed call

Crude prices surged to their highest levels since 2022 on Wednesday while investors awaited the Federal Reserve’s policy decision later in the day.Brent crude for June delivery jumped 7.3 per cent to $119.34 a barrel by 1:15 pm Eastern time and touched an intraday high of $119.76. Brent for July delivery, where more active trading is taking place, rose 6.6 per cent to $111.27 a barrel, AP reported.The rise pushed Brent more than 10 per cent higher for the week so far.Oil prices have climbed sharply as President Donald Trump appeared willing to continue the US blockade of Iranian ships, limiting Tehran’s ability to export oil.Iran, in response, has kept the Strait of Hormuz closed to other oil tankers seeking to transport crude worldwide while the blockade remains in place.Despite the spike in energy prices, Wall Street losses remained modest.The S&P 500 fell 0.2 per cent after retreating from a record high in the previous session. The Dow Jones Industrial Average dropped 335 points, or 0.7 per cent, while the Nasdaq Composite slipped 0.3 per cent.Markets were also cautious ahead of the Federal Reserve’s interest rate announcement.Most investors expect the Fed to keep the federal funds rate unchanged, as higher oil prices risk fuelling inflation even as lower rates could support growth.The meeting is widely expected to be Jerome Powell’s final one as Fed chair. Investors are also watching whether Powell signals he will remain at the central bank after handing over the chairmanship.Powell has repeatedly faced criticism from President Trump for not cutting rates faster and more aggressively.The yield on the 10-year US Treasury note rose to 4.40 per cent from 4.36 per cent late Tuesday following the latest jump in oil prices.Corporate earnings continued to influence stock-specific moves.Visa rose 9 per cent after reporting stronger-than-expected results. Chief Executive Ryan McInerney said consumer spending remained resilient during the quarter.Starbucks jumped 9.1 per cent after beating estimates and saying customers spent more per visit, especially in North America.Many companies this earnings season have exceeded analyst expectations, helping US stocks rally to records despite higher petrol prices and weaker consumer confidence linked to the Iran conflict. However, disappointing updates were punished sharply.GE Healthcare Technologies fell 11.9 per cent after missing forecasts.Robinhood Markets tumbled 14.1 per cent after reporting profit growth below analyst expectations.Booking Holdings swung between gains and losses after saying the Iran war had hurt travel demand and discouraged room bookings during the latest quarter.The company behind Booking.com and Priceline said the conflict could continue to affect business through June, including on key travel routes between Europe and Asia.Investors were also watching major technology companies due to report after market hours, including Alphabet, Amazon, Meta Platforms and Microsoft. Their results are expected to offer clues on whether heavy spending on AI chips and data centres is generating the profits needed to justify the boom.Broadcom slipped 0.5 per cent after falling 4.4 per cent in the previous session, while Nvidia lost 1.7 per cent.