Iran war pushes oil prices to 4-year high as Hegseth to face lawmakers

Live Live Updates: Iran war pushes oil prices to 4-year high as Hegseth set to face fresh round of questioning By Tucker Reals Tucker Reals Editor Tucker Reals is CBSNews.com's foreign editor, based in the CBS News London bureau. He has worked for CBS News since 2006, prior to which he worked for The Associated Press in Washington, D.C., and London. Read Full Bio Tucker Reals April 30, 2026 / 7:55 AM EDT / CBS News Add CBS News on Google What to know about the Iran war today:Oil prices spiked to a four-year high on Thursday, with Brent crude briefly topping $126 a barrel as stalled U.S.-Iran talks raised doubts over the reopening of the Strait of Hormuz and a permanent end to the Iran war.Secretary of Defense Pete Hegseth is set to face lawmakers for a second a day after declining to answer questions on Capitol Hill Wednesday about how much longer the Iran war could last or cost. A Pentagon official said it has already cost taxpayers around $25 billion.President Trump is expected to hear plans later Thursday for a potential new wave of strikes against Iran, Axios reports. That comes as Iran's president says the U.S. blockade of his country's ports and ships is "doomed to fail," while Mr. Trump has said the maneuver will eventually force the regime to accept his terms for a peace deal. New Updates   19m ago Brent crude oil briefly tops $126 a barrel as report says Trump to hear new plans for resumption of strikes on Iran The price of global benchmark Brent crude oil briefly surged past $126 a barrel early Thursday as stalled U.S.-Iran talks raised doubts over the reopening of the Strait of Hormuz and a permanent end to the Iran war. The $126 mark for a barrel of Brent crude is a four-year high. The last time it was priced so high was soon after Russia launched its ongoing full-scale invasion of Ukraine in early 2022.Brent crude to be delivered in June jumped 3.3% to $121.90 after briefly soaring past $126 per barrel. Brent to be delivered in July rose 1.4% to $1...