Oil prices rise to $122 a barrel, highest in four years

Crude oil prices in the international market have reached their highest level in four years due to ongoing tensions between Iran and the United States. Brent crude oil prices rose sharply on Wednesday (April 29) after US President Donald Trump warned that the naval blockade could last for months. BBC News.
At one point, the price of Brent crude oil rose by 8 percent to $122 a barrel, the highest since 2022. It is reported that US President Donald Trump met with leaders of major energy companies, including the CEO of Chevron, at the White House. There, they discussed reducing the impact on US consumers and the oil and gas supply situation. In addition, a report in the Wall Street Journal said that the Trump administration has instructed its advisers to prepare for a prolonged blockade of Iranian ports. It is believed that this will put pressure on Iran’s economy.
According to analysts, if the supply system is disrupted for a long time, the prices of essential goods, including fuel oil, could increase significantly around the world. At the same time, there is a risk of creating major pressure on the global economy. It is worth noting that since the conflict between Iran, the United States and Israel began on February 28, shipping in the Strait of Hormuz has been limited. As a result, there has been prolonged instability in the market, which is disrupting global oil supplies.