Brent Crude Breaks $101 per Barrel; IEA Projects Q2 Peak of $115

As of 9:00 a.m. ET on April 22, Brent crude stood at $101.14 per barrel, up $33 compared to one year ago. The Strait of Hormuz dispute affects 35% of global maritime oil trade, with initial supply disruptions reaching 10 million barrels per day. The EIA projects average U.S. gasoline prices to peak at $4.30 per gallon in April.