Oil prices surge globally as brent crude hits 4-year high

London/New York (Web Desk): Global oil prices surged to a four-year high as tensions between Iran and the United States escalated and maritime restrictions in the Strait of Hormuz raised concerns over global supply disruption.

In international trading, Brent crude oil recorded an abrupt 8% increase, pushing prices to $121 per barrel.

According to economic analysts, the spike followed US President Donald Trump’s announcement to maintain the blockade of the Strait of Hormuz until a new nuclear agreement with Iran is reached.

The Strait is a key route for global oil shipments, and any disruption in the region is seen as a major risk to the international energy supply chain.

The rejection of Iran’s recent proposals by Washington, along with statements suggesting the pursuit of broader strategic objectives, has further unsettled global investors, directly impacting oil markets and driving prices upward.