Syrian commission prepares war crimes case against notorious Assad official
Syria's rights commission is building a war crimes case against militia leader Fadi Saqr.
The Guardian World1 min read
Oil jumps to highest price since 2022 after report Trump to be briefed on new Iran options
TL;DR
Oil prices surged to over $126 a barrel, the highest since 2022, following reports that the US military will brief Trump on new Iran action plans. The rise comes amid stalled peace talks and a closed Strait of Hormuz.
Key points
- Oil prices jumped to over $126 a barrel
- US military to brief Trump on new Iran action plans
- Brent crude rose by almost 7%
- Peace talks with Iran appear stalled
- Strait of Hormuz remains effectively closed
Mentioned in this story
US Central CommandDonald TrumpIranStrait of Hormuz
Oil prices jumped on Thursday in Asia after a report that the US military is set to brief President Donald Trump on new plans for potential action in the Iran war.
US Central Command has prepared a plan for a wave of "short and powerful" strikes on Iran in a moved aimed to break the deadlock in negotiations with Tehran, news site Axios reported. The BBC has contacted US Central Command and the White House for comment.
Brent crude rose by almost 7% to more than $126 (£94) a barrel, the highest level since Russia's full-scale invasion of Ukraine in 2022.
Energy prices have risen this week as peace talks appeared to have stalled, with the key Strait of Hormuz waterway remaining effectively closed.
The Axios report cited anonymous sources, saying the proposed wave of strikes would be likely to include infrastructure targets.
Another plan focused on taking over part of the Strait of Hormuz so that it can be reopened for commercial shipping, Axios reported, adding that doing so could involve troops on the ground.
US-traded West Texas Intermediate crude oil also rose, up by 2.3% at around $109 a barrel.
The current Brent futures contract for June delivery is due to expire on Thursday. The more active July contract was up by about 2% at around $113 in morning trade in Asia.
Futures contracts are agreements to buy or sell an asset at a set date.
The US said it would blockade Iranian ports for as long as Tehran continues to threaten vessels that try to use the Strait of Hormuz, severely disrupting global energy shipments.
Iran retaliated against US-Israeli airstrikes by threatening to attack ships in the waterway, through which about a fifth of the world's energy usually passes.
Oil prices surged by 6% on Wednesday following reports that Washington is preparing for an "extended" blockade of Iran.
The BBC also understands that energy executives met Trump on Tuesday to discuss ways to limit the impact of the war on US consumers, fuelling concerns in the market about an extended disruption to energy supplies.
Q&A
What caused the recent spike in oil prices?
The spike in oil prices was caused by reports of potential US military action in Iran, which raised concerns about supply disruptions.
How high did Brent crude oil prices rise recently?
Brent crude oil prices rose by almost 7% to over $126 a barrel, marking the highest level since 2022.
What are the implications of US military plans for Iran on global oil markets?
US military plans for Iran could lead to further instability in the region, potentially disrupting oil supply and driving prices even higher.
