Oil price hits highest since 2022 after report Trump to be briefed on new Iran options
Axios reported that US Central Command has prepared a plan for a wave of "short and powerful" strikes on Iran.
Coverage by Political Leaning
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Notable Quotes
""It does seem as though escalation in the war is back on the table, be it in the guise of the US continuing its blockade in Iran, but also reports and rumours that in order to get out of this bind, Iran may start to strike again.""
— Naveen Das , Academic
""The big question in my mind is how long the Trump administration can stand the economic heat.""
— Will Walker-Arnott , Executive
"The blockade is somewhat more effective than the bombing. They are choking like a stuffed pig."
— Donald Trump , Politician
"In my view, a full-on global recession is more likely than not if the strait remains closed for, say, another three months, which seems all too possible."
— Paul Krugman , Academic
"oil prices have 'nowhere to go but up' until the reopening of the strait comes into sight."
— Vandana Hari , Executive
"The enemy will achieve nothing through a naval blockade of Iran."
— Mohsen Paknejad , Politician
"If the blockade continues, 'Iran will respond.'"
— Mohsen Rezaei , Politician
"'Further escalation and any attacks on energy infrastructure could force benchmarks to gain rapidly.'"
— Janiv Shah , Executive
"We've seen what happened to your regional bases; we will see the same thing happen to your warships."
— Majid Mousavi , Other
Key People
US Central Command chief.
Dan Caine is the Chairman of the Joint Chiefs of Staff.
Former president of the United States known for his aggressive economic policies.
Janiv Shah is the vice president of oil markets at Rystad Energy.
Market strategist at Deutsche Bank commenting on market sentiment.
Majid Mousavi is the head of the Iranian Guards' aerospace force.
Mohsen Paknejad is the Iranian Oil Minister.
Mohsen Rezaei is an adviser to Iran's supreme leader.
Naveen Das is a senior oil analyst at Kpler.
Paul Krugman is a Nobel prize-winning economist at The City University of New York.
Vandana Hari is the founder of Vanda Insights, an energy markets analysis firm.
Will Walker-Arnott is an investment manager at Raymond James.
Yeow Hwee Chua is an economics professor at Nanyang Technological University.
Tags
All Coverage
Axios reported that US Central Command has prepared a plan for a wave of "short and powerful" strikes on Iran.
Brent crude oil prices have surged above $122 a barrel, the highest since 2022, amid stalled US-Iran ceasefire negotiations and the closure of the Strait of Hormuz.
President Trump claimed that Iran informed the U.S. of being in a 'state of collapse' and expressed a desire to reopen the Strait of Hormuz 'as soon as possible,' though there is no independent confirmation from Iran regarding its willingness to reopen the strait.
US Central Command (CENTCOM) has prepared a plan for a 'short and powerful' wave of strikes on Iran, likely including infrastructure targets, Axios reported on Wednesday, citing two anonymous sources. According to sources, US President Donald Trump will receive a briefing on the new plans from CENTCOM Commander Adm. Brad Cooper on Thursday.
The price of Brent crude oil rose to $126 on Thursday as US-Iran talks stalled and reports that US President Donald Trump may extend the blockade of Iranian ports. It hit $126.3 for the first time since March 2022, when the Ukraine conflict escalated. Prices later eased to $125.30. The price of West Texas Intermediate (WTI) crude oil also rose 10.5% to $110.5 per barrel, as traffic through the Strait of Hormuz continues to face disruptions.
Brent crude oil prices have surpassed $126 a barrel, the highest since 2022, as President Trump considers extending the blockade of Iranian ports.
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