Brent crude oil pushed past $120 a barrel today. This marked its highest level since June 2022, as the US-Iran conflict showed no signs of easing.
The global benchmark has now rallied roughly 47% since the US-Israeli strikes on Iran in late February.
Brent Crude Hits Highest Level Since 2022. Source: TradingViewThe broader energy complex also moved higher on Thursday. US crude oil gained 2.59%, gasoline was up 1.44%, and heating oil advanced 3.28%. European gas benchmarks followed the trend, with TTF gas climbing 2.81% and UK gas up 2.03%.
Why is Brent Crude Up Today?
Media reports indicate that the latest market surge was triggered by renewed geopolitical tensions surrounding the US and Iran, raising fears of a potential escalation in conflict.
Axios, citing two sources, revealed that President Donald Trump is expected to receive a briefing on possible military action against Iran from CENTCOM Commander Adm. Brad Cooper. The development has heightened concerns that armed hostilities could resume.
Separately, The Wall Street Journal reported that the president had directed aides to prepare for an “extended” blockade of Iran’s ports, a move aimed at increasing pressure on Tehran.
Follow us on X to get the latest news as it happens
Iran has pushed back. Al Jazeera noted that Parliament Speaker Mohammad Bagher Ghalibaf dismissed Washington’s economic pressure campaign. In addition, the Iranian military stated that its restraint so far has been intended to allow room for diplomacy.
Meanwhile, diplomatic efforts appear to have stalled, with planned US-Iran talks in Islamabad failing to materialize over the weekend. This has further fueled concerns that the fragile ceasefire currently in place could break down.
BeInCrypto reported that global energy markets are facing mounting pressure as supply tightens. Iran, facing storage limits due to restricted exports, may be forced to cut production.
These constraints, coupled with ongoing disruptions to tanker traffic through the Strait of Hormuz, continue to trigger volatility across global oil markets.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
The post Brent Crude Jumps to 4-Year High as US-Iran Standoff Deepens appeared first on BeInCrypto.
Source: https://beincrypto.com/brent-crude-4-year-high-iran/
