BBC Business4/30/2026Business
Oil prices surge to highest since 2022 amid reports of US military plans against Iran
Brent crude jumps nearly 7% to $126 as Trump set to receive briefing on potential strikes and Strait of Hormuz action
Quick Look
- Oil prices surged to their highest since 2022 after reports emerged that US Central Command has prepared plans for potential military action against Iran, including short and powerful strikes and taking control of part of the Strait of Hormuz.
- Brent crude rose almost 7% to $126.31 a barrel before falling back to around $122.
- The US has threatened to blockade Iranian ports, while Iran has threatened to attack ships in the Strait, through which about a fifth of global energy passes.
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Oil prices surged to their highest since 2022 after reports emerged that US Central Command has prepared plans for potential military action against Iran, including short and powerful strikes and taking control of part of the Strait of Hormuz. Brent crude rose almost 7% to $126.31 a barrel before falling back to around $122. The US has threatened to blockade Iranian ports, while Iran has threatened to attack ships in the Strait, through which about a fifth of global energy passes.
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This article was originally published by BBC Business.
