Oil prices surged to their highest level since 2022 after reports that US Central Command has prepared options for a wave of short and powerful strikes on Iran amid escalating tensions and stalled negotiations with Tehran according to reporting by Axios which said President Donald Trump was expected to be briefed on the proposals.
BBC said it had sought comment from US Central Command and the White House Brent crude rose nearly seven percent hitting a peak of about 126 dollars a barrel in Asian trading before easing back to around 116 dollars in European markets.
The spike marks the highest oil price since Russia’s full scale invasion of Ukraine and reflects growing concerns over supply disruptions particularly in the Strait of Hormuz which remains effectively closed amid heightened geopolitical risk.
According to BBC, energy markets have been volatile this week as hopes for a diplomatic breakthrough have faded pushing up crude benchmarks globally Analysts say the uncertainty has fed into higher fuel costs with crude oil being a key component in petrol and diesel production
In the United Kingdom average petrol prices stand at about 157 pence per litre according to the RAC motoring group while diesel is around 188 pence per litre both significantly higher than pre conflict levels RAC head of policy Simon Williams said wholesale costs suggest petrol is now more expensive for retailers than at any point since the conflict began although diesel prices have shown some easing due to seasonal demand shifts as heating oil consumption falls in warmer months and driving demand increases in other markets including the United States.
Global energy analysts warn that continued geopolitical instability could keep oil prices elevated through the coming months adding pressure on inflation and transport costs worldwide as markets await further developments in the Iran negotiations