Oil price tops $120 a barrel after Trump warns Iran blockade could last ‘months’

Oil markets spooked as US president appears willing to maintain US Navy blockade and Iran keeps strait of Hormuz all but shut

The price of Brent oil soared above $126 a barrel on Wednesday, its highest level since 2022, after Donald Trump warned the US blockade of Iranian ports could last months and peace talks remained stalled.

Surging more than 13% in 24 hours, Brent crude hit a record price since the war began on 28 February. Not since Russia’s 2022 invasion of Ukraine has Brent topped $120, with the price then peaking at $139.