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.

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.

Brent crude oil prices have surpassed $126 a barrel, the highest since 2022, as President Trump considers extending the blockade of Iranian ports.

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.