Oil price tops $120 a barrel after Trump warns Iran blockade could last ‘months’
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Oil prices have surged above $126 a barrel, marking the highest level since 2022, following warnings from Donald Trump about the potential duration of a US blockade on Iranian ports. The strait of Hormuz remains largely closed, contributing to market anxiety. This spike represents a significant increase of over 13% in just 24 hours, the highest since the onset of the war on February 28.
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The current situation is reminiscent of the volatility experienced during the 2022 invasion of Ukraine, where energy prices were similarly affected. The strait of Hormuz is a critical chokepoint for global oil shipments, and any disruption can lead to significant price fluctuations. The ongoing standoff between the US and Iran adds another layer of complexity to the already strained energy landscape.
This article reflects the views of the author and does not necessarily represent the views of The Guardian or its affiliates.
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