International — Ekhbary News Agency
Global oil prices experienced a significant surge on Thursday morning, with Brent crude, the international benchmark, surpassing $125 per barrel. This sharp increase comes as US President Donald Trump is reportedly considering an extension of the blockade imposed on Iranian ports, raising concerns over global energy supplies and geopolitical stability.
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June Brent crude futures had already reached wartime highs but then jumped over 12% to exceed $125 per barrel by 12:39 AM ET on Thursday. Concurrently, US West Texas Intermediate (WTI) crude also rose by more than 3%, climbing above $110 per barrel. This escalation in oil prices coincides with US gas prices reaching their highest levels in four years, adding further economic pressure on consumers and industries.
Geopolitical Tensions and Strait of Hormuz
The surge in prices is largely attributed to the breakdown of direct negotiations between the United States and Iran, which has kept the Strait of Hormuz — a critical shipping lane for oil and gas — effectively closed. According to sources familiar with the discussions, President Trump expressed his desire for the US naval blockade on Iranian ports to continue. His team has reportedly begun laying the groundwork for this extension, potentially including a prolonged closure of the Strait of Hormuz. As the June Brent contract neared its expiry at the end of the session, trading volume shifted to July futures, with the more active contract surpassing $113 per barrel on Wednesday night.
