Oil Hits Highest Since 2022 as Trump Prepares to Review New Iran Strike Options
Business ı By Tyler Brooks
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Oil markets are on edge and the stakes just got higher.
Prices spiked sharply Thursday after reports revealed that President Donald Trump is set to be briefed on dramatic new military options targeting Iran, fueling fears of a deepening crisis that could disrupt global energy supplies.
Brent crude surged nearly 7% to more than $126 a barrel, its highest level since the fallout of Russia's full-scale invasion of Ukraine sent shockwaves through global markets.
"Short and Powerful" Strikes Under Consideration
At the center of the surge is a report that US Central Command has drawn up plans for a wave of "short and powerful" strikes on Iran. The move is seen as a potential attempt to break a dangerous stalemate in negotiations with Tehran.
The report, published by Axios and citing anonymous sources, suggests the strikes could target key infrastructure.
The BBC has contacted US Central Command and the White House for comment, but no official response has been issued.
Strait of Hormuz Crisis Raises Global Alarm
Tensions have escalated around the Strait of Hormuz, a critical artery for global energy flows that remains effectively closed amid the standoff.
Another reported plan involves taking control of part of the waterway to reopen it for commercial shipping, a move that could require boots on the ground and significantly escalate the conflict.
The risks are enormous.
Roughly one fifth of the world's energy supply passes through the narrow strait, making any disruption a direct threat to global markets, fuel prices, and economic stability.
Markets React as Supply Fears Mount
US-traded West Texas Intermediate crude also climbed, rising 2.3% to around $109 a barrel.
Meanwhile, the more actively traded July Brent contract jumped about 2% to roughly $113 during morning trading in Asia, as traders scrambled to price in the growing risk of prolonged disruption.
Energy markets have been climbing all week as peace talks show signs of collapse and fears of a wider conflict intensify.
Oil had already surged 6% on Wednesday following reports that Washington is preparing for an "extended" blockade of Iran.
Blockade Threat and Retaliation Risks
The US has warned it would blockade Iranian ports for as long as Tehran continues to threaten vessels attempting to pass through the Strait of Hormuz.
Iran, in turn, has escalated its rhetoric, threatening to attack ships in the region after US-Israeli airstrikes.
The situation is rapidly turning into a high-stakes confrontation with global consequences.
Behind Closed Doors: Urgent Talks in Washington
Adding to market anxiety, the BBC understands that energy executives met with Trump earlier this week to discuss ways to shield US consumers from the economic fallout of the conflict.
The talks underscore growing concern that disruptions could stretch on, sending fuel costs higher and putting pressure on economies already grappling with uncertainty.
What Happens Next
With military plans under review, shipping routes at risk, and diplomacy faltering, the oil market is bracing for further volatility.
The next moves from Washington and Tehran could determine whether this surge becomes a temporary spike or the start of a prolonged global energy crisis.
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