Global oil prices surged as reports emerged that the United States is preparing to impose long-term sanctions on Iran. On Wednesday, Brent crude prices exceeded 122 dollars per barrel, marking the highest level since 2022. The price later stabilized around 120 dollars after a nearly 10 percent daily increase.

The rise followed stalled ceasefire talks between the United States and Iran and the effective closure of the strategic Strait of Hormuz. According to the Wall Street Journal, former US President Donald Trump has instructed preparations to extend existing blockades on Iranian ports to increase pressure on Tehran. In response, Iran stated it would continue to obstruct shipping through the Strait of Hormuz.

The Guardian reported that this is the first time since Russia’s 2022 invasion of Ukraine that Brent crude has crossed the 120-dollar mark, underscoring renewed geopolitical tensions affecting global energy markets.