Oil prices surge to highest level since 2022 as Trump mulls Iran blockade extension
By John Liu
(CNN) — Oil prices surpassed $123 a barrel on Thursday morning, its highest price since 2022, as President Donald Trump mulls an extended blockade of Iranian ports.
Brent crude, the global benchmark, was up more than 12% early Thursday, hitting $126 at one point. WTI crude, the US benchmark, was up more than 3%, surpassing $110 per barrel.
The latest surge comes as the national average US gas price reached a four-year high of around $4.23, according to AAA data, as a result of the skyrocketing energy prices triggered by the US-Iran war, which has driven prices up more than 27%.
Global crude prices have surged in recent days as face-to-face negotiations between the US and Iran broke down, keeping the Strait of Hormuz – a critical oil and gas shipping channel – effectively shut still.
In a meeting between Trump and his top advisers, the President said he wanted the US naval blockade of Iranian ports to continue, sources familiar with the talks told CNN, and his team has begun laying the groundwork for such an extension, including a longer-term closure of the Strait of Hormuz.
Daily transits through the strait have reduced to near zero since the war began in late February, resulting in what the International Energy Agency called the “largest supply disruption in history.”
With the June Brent contract set to expire at the end of Thursday’s session, trading volume has shifted to the July futures. That more active contract pushed above $113 a barrel Wednesday night.
This is a developing story and will be updated.
The-CNN-Wire
™ & © 2026 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
The post Oil prices surge to highest level since 2022 as Trump mulls Iran blockade extension appeared first on News Channel 3-12.