Oil price soars to highest level since 2022 as US-Iran impasse shows no sign of resolution

Oil markets spooked as Donald Trump appears willing to maintain the US Navy blockade and Iran keeps strait of Hormuz all but shut

The price of Brent oil soared above $122 a barrel on Wednesday, its highest level since 2022, as US-Iran ceasefire negotiations stalled and the critical strait of Hormuz remained effectively closed.

In a one-day surge of almost 10%, the price of Brent crude hit the highest level since the war began, tipping past $122 before settling about $120. Not since Russia’s 2022 invasion of Ukraine has Brent topped $120.