Last Updated on April 30, 2026 12:08 pm by BIZNAMA NEWS
AMN / NEWS DESK
Global oil prices spiked sharply on Thursday, with Brent crude climbing above $125 per barrel amid escalating uncertainty over the Iran conflict and stalled negotiations between the United States and Iran. The continued closure of the Strait of Hormuz — a vital artery for global oil shipments — has intensified supply concerns, driving prices to their highest levels since the outbreak of hostilities.
Brent crude for June delivery jumped 6.2% to $125.36, while July contracts also posted gains. The surge marks a steep rise from pre-war levels of around $70 per barrel in late February. Now in its ninth week, the conflict shows little sign of resolution, with the US maintaining a blockade on Iranian ports.
In response, the administration of Donald Trump is working to build an international coalition aimed at restoring safe navigation through the Strait of Hormuz. US Secretary of State Marco Rubio has approved the Maritime Freedom Construct (MFC), a joint State Department–Pentagon initiative to coordinate maritime security and ensure energy supply stability.
However, rising geopolitical risks have weighed on financial markets, with US futures and Asian equities retreating amid growing investor anxiety.