Oil price soars to highest price since 2022 as US-Iran impasse shows no sign of resolution (opens in new tab)

Oil markets spooked as Donald Trump appears willing to maintain the US Navy blockade and Iran’s keeps strait of Hormuz all but shutThe price of Brent oil soared above $122 a barrel on Wednesday, its highest level since 2022, as US-Iran ceasefire negotiations stalled and the critical strait of Hormuz remained effectively closed.In a one-day surge of almost 10%, the price of Brent crude hit the highest level since the war began, tipping past $122 before settling about $120. Not since Russia’s 2...