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Holly Williams

Oil prices race to highest level since 2022 over fears of Iran war escalation

Iran Donald Trump Oil United States PA Graphics

Oil prices have rocketed to their highest level since 2022 (PA) - (PA Wire)

Oil prices have rocketed to their highest level since 2022 as reports suggest US President Donald Trump is preparing for an escalation of the Iran war with further military action.

The cost of benchmark Brent crude soared past 126 US dollars (£94) a barrel at one stage, up nearly 7%, reaching a high not seen since Russia’s invasion of Ukraine in 2022.

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