London, Apr 30 (V7N) — Global oil prices have surged to their highest level in four years amid escalating tensions between the United States and Iran, raising concerns about supply disruptions and economic fallout, according to BBC News.

On Wednesday, the price of Brent crude oil jumped sharply, at one point rising by 8 percent to reach $122 per barrel—the highest level since 2022. The spike followed warnings from US President Donald Trump that the ongoing naval blockade could continue for several months.

Trump also held a meeting at the White House with executives from major energy companies, including Chevron, to discuss mitigating the impact on American consumers and stabilizing oil and gas supplies.

Meanwhile, a report by The Wall Street Journal said the administration has directed advisers to prepare for an extended blockade of Iranian ports, a move widely seen as an effort to intensify economic pressure on Tehran.

Analysts warn that prolonged disruption to global oil supply chains could drive up fuel prices and the cost of essential goods worldwide, placing additional strain on the global economy.

Since the conflict involving Iran, the United States, and Israel escalated on February 28, shipping through the Strait of Hormuz has been significantly restricted. This has led to ongoing volatility in global energy markets and heightened uncertainty among investors.

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