Oil surges to its highest level since 2022

(SeaPRwire) –   The surge comes amid reports that Donald Trump is prepared to maintain the blockade of Iranian ports “for months”

Brent crude oil climbed to $126 on Thursday following a stall in US-Iran negotiations and news that US President Donald Trump might prolong the blockade of Iranian ports.

It reached $126.3, a level not seen since March 2022 when the Ukraine war intensified. The price later settled at $125.30. West Texas Intermediate (WTI) crude also increased by 10.5%, reaching $110.5 per barrel, as disruptions to traffic in the Strait of Hormuz persist.

Media reports on Wednesday, citing White House officials, stated that Trump directed the development of a plan to extend the Iranian port blockade “for months” to pressure Tehran into agreeing to a more advantageous peace agreement.

Iranian officials have maintained that they will continue to bar vessels from the US and its allies from transiting the Strait of Hormuz, a conduit for roughly 25% of global crude oil trade, for as long as the country faces restrictions.

Tehran has further cautioned that it is prepared to initiate “unprecedented military action” to break the US blockade on its ports.

Later Wednesday, the head of US Central Command, Brad Cooper, is said to be ready to brief President Trump on plans for potential new military measures against Iran. A Thursday report from Axios, citing sources, indicated the Pentagon’s options could involve a “short and powerful” series of strikes on Iranian infrastructure and other targets, deploying ground troops to seize sections of the Strait of Hormuz to reopen shipping lanes, and a special forces mission to capture Iran’s enriched uranium.

No direct talks have occurred between American and Iranian officials since discussions failed in Islamabad in mid-April. Another round of negotiations was anticipated in the same city over the weekend, but Iranian Foreign Minister Abbas Araghchi reportedly refused to meet with Trump’s emissaries, Steve Witkoff and Jared Kushner.

Per Pakistani sources, the parties are still exchanging communications intended to broker a potential agreement to resolve the conflict, which began after a US-Israeli attack on Iran on February 28.

Earlier this week, oil market uncertainty was compounded by the United Arab Emirates, a major global oil exporter, announcing its withdrawal from OPEC and the broader OPEC+ alliance effective May 1. Abu Dhabi stated the move is motivated by national interests and forms part of a long-term strategy, describing it as a “sovereign, strategic choice” designed to afford it greater control over oil production levels.