The jump follows reports of Donald Trump being ready to continue the blockade of Iranian ports “for months”
The price of Brent crude oil rose to $126 on Thursday as US-Iran talks stalled and reports that US President Donald Trump may extend the blockade of Iranian ports.
It hit $126.3 for the first time since March 2022, when the Ukraine conflict escalated. Prices later eased to $125.30. The price of West Texas Intermediate (WTI) crude oil also rose 10.5% to $110.5 per barrel, as traffic through the Strait of Hormuz continues to face disruptions.
On Wednesday, media reports, citing White House officials, said Trump ordered a plan to prolong the…
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