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Soaring Oil Prices Trickling Down to Other Costs
Posted
April 30, 2026
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April 30, 2026
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1:47Now PlayingBloomberg's Mike McGlone says that the inflation from oil market is trickling down into food production as oil hit soared this week over Iran war concerns.
McGlone says that the price of crude oil is 'lifting everything' and that he doesn't expect the price of oil to drop anytime soon.
President Donald Trump said he was sticking with a naval blockade of Iranian ports even as oil prices hit a wartime high amid concerns the vital Strait of Hormuz would not reopen anytime soon.
“Their economy is crashing, the blockade is incredible,” Trump told reporters at the White House. “Their economy is a disaster. So we’ll see how long they hold out.”
Oil prices steadied after surging earlier in the day with little sign that Washington and Tehran were moving closer to a deal, with the US doubling down on a blockade and strident new comments from Iran’s new leader.
Brent futures initially rose to $126 a barrel — their highest level since the conflict began — before easing to $114. Prices are up more than 8% this week.
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