Global oil prices have sharply increased, reaching their highest levels since 2022, as tensions between the United States and Iran continue to escalate. Brent crude jumped nearly 7%, climbing above $126 per barrel, while US-traded oil also saw gains, rising to around $109 per barrel. This spike follows an earlier 6% increase driven by fears of prolonged conflict and disruptions to supply.
The surge comes after reports that US military officials are preparing to brief President Donald Trump on new strategies related to the situation with Iran. These plans reportedly include the possibility of swift, targeted strikes aimed at breaking the deadlock in ongoing negotiations.
There are also discussions about deploying ground troops to secure key shipping routes, particularly the Strait of Hormuz, a vital passage through which about 20% of the world’s energy supply flows. Iran has reportedly threatened action against ships in the region, raising concerns about a potential blockade.
With peace talks stalled, fears of long-term supply disruptions are growing. Energy leaders have already met with US officials to explore ways to reduce the impact on global markets and avoid extended shortages, but uncertainty continues to push prices higher.
