Daijiworld Media Network – London

London, Apr 30: Global oil prices spiked sharply on Thursday, with Brent crude rising above $125 per barrel amid escalating tensions between the United States and Iran and concerns over a prolonged blockade of Iranian ports.

June contracts for Brent crude surged more than 12 per cent to cross the $125 mark, while US benchmark West Texas Intermediate (WTI) traded above $110 per barrel, gaining over 3 per cent.

The rally in crude prices comes as US fuel prices have touched a four-year high and diplomatic talks between Washington and Tehran have collapsed, keeping the Strait of Hormuz — a key global oil transit route — effectively shut.

According to reports, US President Donald Trump is considering extending the naval blockade of Iranian ports, with his administration exploring options for a longer-term closure of the strategic waterway.

Sources indicated that the issue was discussed during a recent meeting between Trump and senior advisers, where the possibility of maintaining pressure on Iran through continued maritime restrictions was deliberated.

Market activity also reflected the shift from the expiring June Brent contract to the more actively traded July futures, which had already crossed $113 per barrel in late trading on Wednesday.

The sharp rise in oil prices has raised concerns over global supply disruptions and potential economic fallout if tensions in the region continue to escalate.