Brent crude oil prices, the global benchmark, surged above $125 per barrel on Thursday morning, as US President Donald Trump mulls an extended blockade of Iranian ports.
June contracts for Brent crude had already hit a wartime high, but jumped above $125 per barrel, up more than 12%, as of 12:39 a.m. ET Thursday. WTI crude, the US benchmark, was up more than 3%, sitting above $110 per barrel.
The surge in global oil prices came as US gas prices reached a four-year high, and as face-to-face negotiations between the US and Iran broke down, keeping the Strait of Hormuz – a critical oil and gas shipping channel – effectively shut still.
The hike in prices follows a meeting between Trump and his top advisers, during which the President said he wanted the US naval blockade of Iranian ports to continue, sources familiar with the talks told CNN, and his team has begun laying the groundwork for such an extension, including a longer-term closure of the Strait of Hormuz.
