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The Independent UK
The Independent UK
National
Ap Correspondent

Oil prices surge as doubts grow over reopening of the Strait of Hormuz

Oil the Strait of Hormuz Strait of Hormuz United States Iran
  • Brent crude oil prices surged past $125 a barrel early Thursday morning, with US West Texas Intermediate also rising, as the US-Iran conflict continues into its ninth week.
  • The price hike is attributed to stalled negotiations between the US and Iran, the ongoing US blockade of Iranian ports, and the closure of the critical Strait of Hormuz.
  • Donald Trump is scheduled to receive a briefing on potential military strikes against Iran, aimed at compelling the nation to resume nuclear programme negotiations.
  • The conflict, which began with US and Israeli air strikes on 28 February, led to Iran's retaliation by closing the Strait of Hormuz, a vital chokepoint for Middle Eastern energy supplies.
  • Analysts indicate dim prospects for a near-term resolution or the reopening of the Strait of Hormuz, with Opec+ expected to agree only a small increase in oil output.

IN FULL

Oil prices top $125 as US considers military options to break Iran deadlock

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