Brent crude tops $120 as Trump says Hormuz blockade will continue
Global oil markets witnessed a sharp rally as Brent crude prices crossed the $120 per barrel mark, hitting their highest levels since 2022. The surge came after US President Donald Trump reaffirmed that the naval blockade targeting Iran will remain in place until Tehran agrees to a comprehensive deal on its nuclear program.
The blockade is centered around the Strait of Hormuz, a critical chokepoint through which nearly 20% of the worldās oil supply flows. Any disruption in this region has a direct and immediate impact on global energy markets.
According to reports, Brent crude briefly climbed above $120, with some trades nearing $122 per barrel amid rising concerns over prolonged supply disruptions.
Trump has described the blockade as a strategic tool to pressure Iran, stating it will not be lifted until a deal is reached. He also rejected proposals to reopen the waterway before negotiations, signaling that tensions could continue for an extended period.
The continued standoff between the US and Iran has created uncertainty in global markets, triggering fears of:
- Fuel price hikes worldwide
- Increased inflation
- Supply shortages in energy-dependent economies
Analysts warn that if the blockade persists, oil prices could remain volatile or rise further due to constrained supply and geopolitical instability.
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