Oil prices surge to four-year high amid US-Iran tensions

On Thursday, Brent crude, the global oil standard, surged to $126.41 per barrel, marking its peak since March 9, 2022, driven by concerns over a potential escalation in the US-Iran conflict that might disrupt oil supplies from the Middle East. Since the onset of the US-Israeli offensive against Iran on February 28, prices have doubled, with the Strait of Hormuz effectively shut down. Axios reported that President Donald Trump was scheduled to receive a briefing regarding military action plans against Iran. Brent later decreased to $116.04, while the more actively traded July contract stood at $110.37. Analysts caution that prices could soar to $150 per barrel, threatening renewed global inflation and increased fuel costs in the US ahead of the midterm elections.