Brent crude oil prices have surged sharply late on Wednesday, briefly touching $119.50 per barrel as rising tensions linked to the Iran war and the Hormuz blockade shock energy markets.
The latest spike marks the highest level for Brent crude since 2022, with prices climbing nearly 7 percent in a single trading session.
The rally comes amid reports of heightened pressure on Iran, including discussions in the United States over an extended Hormuz blockade strategy targeting Iranian ports. Market participants are also closely watching developments in the Strait of Hormuz which is a critical chokepoint for global oil and LNG shipments.
Shipping giants and big oil traders have been in talks with US leadership all week over the future of global energy supplies and domestic fuel prices while war remains unresolved.
The International Energy Agency previously warned that disruptions in the region could pose one of the most significant risks to global energy security because Hormuz is a critical chokepoint for oil exports.
Sentiment has been further pressured by concerns that any prolonged disruption in shipping routes could tighten supply conditions even further.
Prices didn’t cross $120 at the time of press, but they could in the next few hours.
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