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Oil Prices Exceed $125 per Barrel Amid Ongoing U.S.-Iran Conflict and Strait of Hormuz Blockade
Brent crude surged past $125 per barrel amid reports that U.S. President Donald Trump will receive a briefing on potential military strikes against Iran to resolve stalled talks. The ongoing blockade of the Strait of Hormuz has driven oil prices higher since the war began in February. Separate developments include a terror stabbing in London and changes at the Justice Department's Voting Section.
Apr 29, 1:47 PM·3m read38 sources
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-Iran talks raised doubts over reopening the Strait of Hormuz and ending the ongoing war. 85. U.S.
30 per barrel, following a 7 percent climb in the previous session and gains in eight of the last nine sessions. Both benchmarks are on track for their fourth consecutive month of increases. U.S.
Military action against Iran. U.S. Central Command on plans for a series of military strikes on Iran, according to an Axios report.
The plan includes a short and powerful wave of strikes, likely targeting infrastructure, to break the deadlock over Iran's alleged nuclear weapons program. The briefing date is April 29. Centcom has prepared options for brief, intense strikes on Iran, potentially hitting key infrastructure to force negotiations.
U.S. and Israel launched airstrikes on Iran on February 28. Iran retaliated that day by closing off almost all shipping through the Strait of Hormuz. The conflict is now in its ninth week.
U.S. has imposed a blockade on Iranian ports, continuing to restrict vessels. U.S. insisting on addressing Iran's alleged nuclear weapons program, while Iran demands some control over the strait and reparations for war damage.
Before the war, Brent crude traded around $70 per barrel. U.S. blockade, a White House official said.
Trump directed advisers to draw up plans for a prolonged blockade of the Strait of Hormuz, according to the Wall Street Journal. U.S. restriction on vessels leaving the strait.
President Trump stated on Wednesday that the blockade is proving effective. He said, 'The blockade is somewhat more effective than the bombing. They are choking like a stuffed pig. Trump posted on Truth Social that morning, voicing frustration over Iran's approach to peace negotiations.
