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The Guardian - AU

World

Mark Saunokonoko and Jillian Ambrose

Oil price tops $126 a barrel after Trump warns Iran blockade could last ‘months’

Oil Donald Trump United States Iran US Navy Hormuz

An oil and gas field in Basra, Iraq — An oil and gasfield in Basra, Iraq. Global oil supplies have dropped by nearly 20m barrels each day that the strait of Hormuz has been choked off. Photograph: AFP/Getty Images

The global oil price hit $126 a barrel on Thursday, its highest level since 2022, after Donald Trump said the US blockade of Iranian ports could last for months and peace talks remained stalled.

After surging more than 13% in 24 hours, the price of Brent crude futures reached its highest price since the war began on 28 February. Not since Russia’s 2022 invasion of Ukraine has Brent topped $120, with the price then peaking at $139.

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