Washington/Tehran, April 30 -- The price of Brent crude oil shot up to USD $126 today as US-Iran peace talks have hit a dead end amid reports that US President Donald Trump is considering extending the naval blockade of Iranian ports and is weighing possible military options against Tehran.
Crude prices hit US$126.3, and reached their highest since March 2022 at the start of the Russia-Ukraine war. Prices later eased to US$125.30.
The price of West Texas Intermediate (WTI) crude oil also rose 10.5 per cent to US$110.5 per barrel, as traffic through the Strait of Hormuz continues to face disruptions, reports RT.
On Wednesday, media reports citing White House officials, said Trump ordered a plan to extend the blockade of Iranian ports by a...