Will Brent crude oil exceed $120 per barrel at any time before July 31, 2026?

Energy markets have experienced significant turbulence in early 2026. The energy sector has been the top-performing segment of equity markets year-to-date, with gains of approximately 40%. Geopolitical tensions — including the situation in the Strait of Hormuz and ongoing Middle East instability — have driven oil prices sharply higher, while rising demand and supply-side constraints add further pressure. The $120 per barrel level represents a key psychological and economic threshold, with potential consequences for global inflation, central bank policy, and consumer spending. As of late April 2026, oil markets remain volatile and the trajectory toward $100 is contested among analysts. This market resolves Yes if Brent crude oil is recorded at or above $120.00 per barrel at any point before the deadline, based on official pricing data.