WASHINGTON (dpa-AFX) - Oil prices have jumped to the highest level since 2022 amid report of a U.S. plan to launch a fresh wave of attacks on Iran and President Donald Trump's decision to extend the U.S. naval blockade of Iranian ports.
Brent crude soared to a four-year high of above $126 per barrel at one stage Thursday, increasing by more than 12 percent, before losing some gains.
Simultaneously, the US-traded WTI crossed $110 with an increase of 3.57 percent, before easing by $3.
News site Axios reported that US Central Command chief Admiral Brad Cooper is set to brief Trump Thursday on new plans for a series of 'short and powerful' attacks on Iran to force it to come back to the negotiating table.
In a meeting with his top advisers, Trump reportedly said Washington will maintain the naval blockade of Iranian ports until Tehran agrees to eschew its nuclear ambitions.
Iran's President Masoud Pezeshkian responded by saying in a statement, 'Any attempt to impose a maritime blockade or restrictions is contrary to international law... and is doomed to fail.' He warned that the 17-days-old U.S. blockade of Iranian ports would be 'a disruption to lasting stability in the Persian Gulf.'
Meanwhile, US Central Command has said that $6 billion worth of Iranian oil is being held up in Iranian ports as a result of U.S. blockade. 'U.S. forces achieved a significant milestone after successfully redirecting the 42nd commercial vessel attempting to violate the blockade,' CENTCOM said in a statement posted on X Wednesday.
'There are 41 tankers with 69 million barrels of oil that the Iranian regime can't sell', which is worth more than $6 billion, according to CENTCOM's estimate.
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