Brent crude oil surged to its highest level in four years, rising by 8 percent to reach $121 per barrel.
Crude oil prices recorded a sharp increase after US President Donald Trump announced the continuation of a naval blockade against Iran.
In the international market, Brent crude oil surged to its highest level in four years, rising by 8 percent to reach $121 per barrel.
Meanwhile, West Texas Intermediate crude also saw a significant increase of 7 percent, climbing to $108 per barrel.
Experts have warned that oil prices may continue to rise if the naval blockade persists and negotiations between the United States and Iran remain stalled.
Earlier, US Donald Trump has issued a renewed warning of military action but also struck a conciliatory tone, revealing that phone talks with Iran are ongoing.
The US president stated that Iran must not possess nuclear weapons and insisted Tehran would ultimately have to acknowledge defeat, claiming Washington had “largely achieved” its objectives in the conflict.
Trump further claimed that 82 percent of Iran’s missiles had been destroyed and 159 naval vessels sunk, adding that the Iranian currency had lost much of its value.
He also disclosed that he held a phone conversation with Vladimir Putin, during which both leaders discussed developments related to Iran as well as the ongoing conflict in Ukraine.
According to Trump, he told Putin that Russia must end its own war before the United States could assist in de-escalation efforts. He added that Putin expressed concern over Iran’s uranium enrichment activities.
