Oil Prices Jump as Hormuz Closure Fears Escalate

(MENAFN) Oil prices climbed sharply on Wednesday, with Brent crude futures increasing by more than 7% to surpass $119 per barrel. This marked their highest level since June 2022, as worries intensified over ongoing supply disruptions tied to the conflict with Iran and the continued shutdown of the Strait of Hormuz.

The global benchmark advanced significantly as financial markets responded to comments from US President Donald Trump, who dismissed an Iranian suggestion to reopen the Strait of Hormuz while delaying nuclear talks to a later phase.

According to Axios, Trump stated that the naval blockade against Iran would stay in effect until Tehran accepts an agreement addressing US concerns over its nuclear program. He also emphasized that Iran “can’t have a nuclear weapon.”

“The blockade is somewhat more effective than the bombing,” Trump told Axios, noting that Iran was under increasing pressure.

His statements further strengthened expectations that the confrontation may persist for several weeks, maintaining elevated risk premiums throughout global energy markets.

Investor anxiety was additionally heightened by reports indicating that the US Central Command has drafted contingency plans for a “short and powerful” series of strikes against Iran if diplomatic talks remain unresolved. However, Trump has not issued any order to proceed with military action.

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