Oil markets spooked as US president appears willing to maintain US Navy blockade and Iran keeps strait of Hormuz all but shut
The price of Brent oil soared above $126 a barrel on Wednesday, its highest level since 2022, after Donald Trump warned the US blockade of Iranian ports could last months and peace talks remained stalled.
Surging more than 13% in 24 hours, Brent crude hit a record price since the war began on 28 February. Not since Russia’s 2022 invasion of Ukraine has Brent topped $120, with the price then peaking at $139.
