The price of Brent crude oil surged to around $123 a barrel early Thursday as stalled U.S.-Iran talks raised doubts over the reopening of the Strait of Hormuz and a permanent end to the Iran war.
Before the war began in late February, Brent crude was trading around $70 per barrel.
There’s no clear path to an end to the war. The U.S. has continued its blockade of Iranian ports while the Strait of Hormuz, is closed, pushing oil prices higher. Reports Thursday suggesting an possible escalation by U.S. President Trump doused hopes for a quick end to the conflict.
