Oil surpassed $126 a barrel Thursday, reaching its highest level since 2022, as traders worried about a prolonged US-Iran war following President Donald Trump’s decision to extend a blockade of Iranian ports, News.Az reports, citing CNN.
Brent crude, the global benchmark, was up more than 12% overnight into Thursday, before paring some gains to trade at $124 as of 2:28 am Thursday.
WTI crude, the US benchmark, was up more than 3%, surpassing $110 per barrel.
The latest surge comes as the national average US gas price reached a four-year high of around $4.23, according to AAA data, as a result of the skyrocketing energy prices triggered by the US-Iran war, which has driven prices up more than 27%.
Global crude prices have risen in recent days as face-to-face negotiations between the US and Iran broke down, keeping the Strait of Hormuz – a critical oil and gas shipping channel – effectively shut still.
In a meeting between Trump and his top advisers, the president said he wanted the US naval blockade of Iranian ports to continue, sources familiar with the talks told CNN, and his team has begun laying the groundwork for such an extension, including a longer-term closure of the Strait of Hormuz.
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