Oil prices surge to over $120 amid US Iran tensions

US President Donald Trump has announced plans to extend the oil blockade on Iran until the country agrees to a nuclear deal. The move comes as tensions between the US and Iran continue to escalate.

According to reports, the Pentagon is preparing for “short and powerful” strikes to break the deadlock at the Strait of Hormuz, a critical waterway that controls access to the Middle East’s oil supplies. This development has led to an increase in oil prices, with Brent crude topping $120 per barrel.

Trump stated that he believes maintaining the blockade will force Iran to return to the negotiating table and discuss a nuclear deal. However, Iranian officials have threatened “practical” action in response to the US move.

The situation remains volatile, with multiple countries and organizations weighing in on the issue. The international community is closely monitoring the developments as they unfold.

In related news, oil prices have continued to rise, driven by concerns over global supply and demand. The latest price surge has pushed Brent crude above $120 per barrel, according to market reports.

The US government’s decision to extend the blockade has sparked a range of reactions from around the world. As the situation continues to evolve, it remains unclear how events will unfold in the coming days and weeks.

In the meantime, oil prices are expected to remain under scrutiny as traders and investors monitor the developments at the Strait of Hormuz.

Source: Google News World