Both WTI and Brent crude rose sharply on Wednesday following continued blockades in the Strait of Hormuz and amid waiting for new negotiations between the US and Iran.
Before the Iran war began on February 28, oil was around $70 a barrel. There are currently no clear signs the conflict will be resolved. The US continues to blockade Iran's ports, and the Strait of Hormuz is being blocked by Iran. US President Donald Trump has raised the rhetoric of the conflict.
This sustained the strong price rise. Prices ticked up a few dollars almost hour by hour overnight into Thursday. On Thursday morning the June contract was around $125 a barrel.
But then the price fell back significantly, to around $116 at lunchtime, with no apparent news.
That morning, prices were the highest since June 2022. But they remain below earlier peaks — $139 after Russia's initial full-scale attack on Ukraine in the spring-winter of 2022 and $147.50 in the wake of the 2008 financial crisis.
