
Brent oil surges above $126 as Trump warns Iran blockade could last months
Brent crude oil surged above $126 per barrel, its highest level since 2022, after Donald Trump warned the US blockade of Iranian ports could last months. The 13% price jump in 24 hours comes as US-Iran peace talks in Islamabad failed to materialize and the Strait of Hormuz remains effectively closed. Analysts warn a prolonged Hormuz crisis could send oil to $190 by August and trigger a global recession.