Oil prices rise to $117 as US prepares extended Iran blockade

Brent crude hits monthly high amid ongoing Strait of Hormuz disruption; World Bank warns of 24% energy price surge in 2026

oil prices brent crude iran blockade

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Oil prices have risen to around $117 a barrel following reports that the US is preparing to extend its blockade of Iran's ports.
Brent crude reached its highest level this month as the Strait of Hormuz remains effectively closed, with Iran restricting shipping in response to US and Israeli strikes that began on 28 February.
The World Bank has forecast energy prices could surge by 24% in 2026 if the most acute disruptions end in May.

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Oil prices have risen to around $117 a barrel following reports that the US is preparing to extend its blockade of Iran's ports. Brent crude reached its highest level this month as the Strait of Hormuz remains effectively closed, with Iran restricting shipping in response to US and Israeli strikes that began on 28 February. The World Bank has forecast energy prices could surge by 24% in 2026 if the most acute disruptions end in May.

Read the full article on BBC Business

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