Brent crude oil surged to its highest price since 2022 after Donald Trump said he did “not want to” end his blockade of the Strait of Hormuz, deepening a global energy crisis triggered by the US and Israel’s war in the Middle East.
The global oil benchmark was up almost 10 per cent to $122.15 a barrel late on Wednesday, its eighth consecutive day of gains, the longest streak in almost four years. US marker West Texas Intermediate was up 7 per cent at $106.88 a barrel.
The climb to a four-year high came as traders lost optimism that the three-week-old ceasefire in the war would allow for the resumption of energy flows from the Gulf.
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