Oil prices surge to highest level since 2022 as Trump mulls Iran blockade extension
Oil prices surged to their highest level since 2022, with Brent crude hitting $126 a barrel, as President Donald Trump considered extending a US naval blockade of Iranian ports. The US-Iran war has driven global crude prices up over 27%, with the national average US gas price reaching a four-year high of around $4.23.
Oil prices surpassed $123 a barrel on Thursday morning, their highest price since 2022, as President Donald Trump considered extending a US naval blockade of Iranian ports. Brent crude was up more than 12% early Thursday, hitting $126 at one point, while WTI crude was up more than 3%, surpassing $110 per barrel. The US-Iran war has driven global crude prices up over 27%, resulting in a four-year high US gas price of around $4.23. The Strait of Hormuz, a critical oil and gas shipping channel, has been effectively shut since the war began in late February. Daily transits through the strait have reduced to near zero, resulting in the largest supply disruption in history, according to the International Energy Agency. Economists warn that if the disruption extends into the second half of the year, it could trigger a global recession.
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