(RTTNews) – Oil prices have jumped to their highest since 2022 on Thursday amid stalled U.S.-Iran peace talks and concerns that supply disruptions could persist longer than initially expected.
Brent crude prices for June delivery dipped to $117 a barrel in volatile trading after spiking to $126.41 earlier.
Brent crude contracts for July delivery traded near $111 a barrel after reports suggested that the U.S. Central Command is weighing military action against Iran. WTI crude futures for June delivery were up half a percent at $107.25.
Media reports suggest that the U.S. is preparing to launch a series of ‘short and powerful’ strikes on Iran, which would bring an end to a fragile ceasefire.
Tehran released new visuals showcasing troop preparations and combat readiness, warning that any escalation could lead to serious consequences.
The U.S. is also seeking international help to restore freedom of navigation in the Strait of Hormuz.
Aiming at reopening the waterway, U.S. Secretary of State Marco Rubio has approved the creation of the Maritime Freedom Construct (MFC), described as a joint initiative between the State Department and the Pentagon.
Meanwhile, President Donald Trump has posted a map of the Strait of Hormuz on his social media platform, Truth Social, showing the waterway renamed as the “Trump Strait,” triggering strong reactions.
Two months into the war, the closure of the waterway has taken about a seventh of the world’s oil supply offline.
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