Brent crude surged to its highest levels since early 2022, before paring gains, as the Middle East conflict chokes supplies.

Oil prices surged to their highest level since the beginning of the US-Iran war early Thursday before retreating on the strength of fresh reports that President Trump could soon resume attacking the Islamic Republic.

Brent crude oil prices, the global benchmark, surged above $125 per barrel on Thursday morning, as President Donald Trump mulls an extended blockade of Iranian ports.

Brent crude oil prices surged past $126 a barrel due to stalled U.S.-Iran negotiations and ongoing concerns regarding the Iran war, impacting global markets and currency values.

Global oil prices hit more than $126 a barrel on concerns that the U.S.-Iran war could worsen and lead ⁠to a protracted Middle East oil supply disruption that could hurt ​global economic growth.

Oil prices extended gains on Thursday on concerns supply from the key Middle East producing region will remain bottled up for longer as talks to end ​the U.S.-Israeli war against Iran have deadlocked.

Brent crude oil prices, the global benchmark, surged above $125 per barrel on Thursday morning, as US President Donald Trump mulls an extended blockade of Iranian ports.

Oil prices continued to rise on Wednesday after U.S. President Donald Trump appeared to threaten Iran in a TruthSocial post.