Oil hits wartime high of $125 a barrel on reports U.S. considering new attacks on Iran
Crude oil prices surged to a wartime high of $125 a barrel amid reports that the U.S. is considering new military strikes on Iran and President Trump's indication that the blockade of Iranian ports could continue for months. The closure of the Strait of Hormuz, a critical oil transit route, has disrupted global energy supplies and raised fears of a potential recession. Economists warn that prolonged disruption could lead to severe economic consequences, including higher inflation, fuel shortages, and global food security risks.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountCrude oil soared to its highest level since 2022 amid reports that the U.S. is considering new attacks on Iran and President Donald Trump’s warning that his blockade of Iranian ports could last months.The surge in prices on Wednesday and Thursday ended any hope that the Strait of Hormuz would reopen soon, triggering concerns from some economists that the crippling cost for hydrocarbons could plunge the world into recession.In early London trading, Brent crude, the international benchmark, hit US$126 a barrel before falling back to US$123 – up 5 per cent over Tuesday’s close.
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