WTI crude oil prices surged to a monthly high of $110.90 per barrel on April 30, 2026, driven primarily by escalating Middle East geopolitical tensions, including Strait of Hormuz closure risks and uncertain US-Iran ceasefire dynamics, which fueled supply disruption fears and a sharp risk premium. Despite OPEC+ agreeing to incremental output hikes of 206,000 barrels per day starting May amid production quota adjustments, trader sentiment prioritized conflict-related upside, with April closing at $107.22 following first-quarter gains exceeding 40% tied to military actions. EIA weekly petroleum status reports highlighted tightening US inventories earlier in Q1, amplifying momentum. Traders eye the May 6 EIA release and OPEC+ monitoring for post-April stabilization cues.