Brent crude highest since June 2022
Newsflash: oil has now hit its highest level in almost four years, after Donald Trump signalled that he will maintain the US blockade on Iranian ports.
The Brent crude oil price hit $119.76 a barrel a few minutes ago, breaking above its previous high of $11.90 set in the early weeks of the Iran war.
Oil is also being pushed up by data showing a drop in US crude oil inventories.
The United States became a net exporter of crude for the first time since World War Two as the country shipped a record volume of oil to refiners scrambling for supplies after the Iran war, leading to large drops in domestic inventories, the Energy Information Administration said today.
