Oil prices surged on Wednesday, climbing above $119 per barrel, their highest level since June 2022.
The price of Brent crude, the international benchmark for oil, rose by more than 7% to $119.50 per barrel for June delivery. This marks the highest price point since 2022, coinciding with concerns over instability in the Middle East.
West Texas Intermediate (WTI), the US benchmark, increased by 5.56%, reaching $105.49 per barrel.
The surge was triggered by a statement from US President Donald Trump, indicating that the blockade of Iranian ports could persist for several months.
According to a White House official, Trump conveyed this to petroleum sector leaders.
The extended closure of the Strait of Hormuz, a crucial oil shipping route, has sparked fears of a prolonged conflict between the United States and Iran.
