The price of oil reaches its highest level since the start of the war

Oil prices have reached another new level this Thursday. The price of a barrel of Brent crude oil surpassed $125 this morning.

This comes just hours after it hit a previous high of $119.71 yesterday. Before the start of the war at the end of February, Brent crude was trading at around $70 per barrel.

Prices are rising due to fears of an escalation of the conflict and a prolonged blockade of Iranian ports by the U.S. military.

Meanwhile, the main maritime shipping route through the Strait of Hormuz also remains closed.

Oil markets have been shaken this week, as Donald Trump appeared ready to continue the U.S. Navy’s blockade of Iranian ports, with Iran responding by keeping the Strait of Hormuz almost closed to other oil tankers.

Planned United States–Iran talks in Islamabad over the weekend failed to materialize, so the standoff continues.

Trump said on Wednesday that Iran “better get smart quickly” and, in a meeting with oil executives, discussed what steps could be taken to “continue the current blockade for months if necessary,” according to a White House official.

“KORÇA BOOM”