Oil hits wartime high of $125 a barrel on reports U.S. considering new attacks on Iran

Crude oil surged to its highest level since 2022 as reports surfaced that the U.S. is considering new attacks on Iran and President Trump warned his blockade of Iranian ports could last months. The geopolitical escalation raises supply-disruption risks for global energy markets and is likely to keep oil prices elevated in the near term.

Analysis

Crude oil surged to its highest level since 2022 as reports surfaced that the U.S. is considering new attacks on Iran and President Trump warned his blockade of Iranian ports could last months. The geopolitical escalation raises supply-disruption risks for global energy markets and is likely to keep oil prices elevated in the near term.