Global oil prices have surged sharply, reaching their highest level in four years. The price of Brent crude oil exceeded $120 per barrel for the first time since June 2022, climbing to $122 during trading, reports Todayinfo citing trading data.
The price increase followed a statement by US President Donald Trump that the blockade of Iran would continue until Tehran agrees to a nuclear deal. This has led markets to factor in the risks of a prolonged conflict in the Middle East.
“Trump's statements have increased pressure on the energy sector. Markets are assessing geopolitical risks and driving up oil prices,” experts say.
The situation was further exacerbated by reduced shipping through the Strait of Hormuz, a key route for oil and liquefied natural gas supplies from Gulf countries. Restrictions on raw material transportation have heightened fears of a shortage in the global market.
