Sri Lanka, April 30 -- Oil prices have soared following reports that the US is preparing for an "extended" blockade of Iran.

The global benchmark oil price, Brent crude, rose above $120 (£89) a barrel on Wednesday, briefly hitting $122, its highest price since 2022.

The BBC understands that energy executives including Chevron chief executive Mike Wirth met US President Donald Trump at the White House on Tuesday to discuss how to limit the fallout from the conflict on American consumers.

Oil traders appear to have taken the meeting as a sign the effective closure of the Strait of Hormuz will continue for a long time.

The executives discussed topics including domestic energy production, progress in Venezuela, oil futures, natural g...