LIVE | Oil prices soar to record highs since 2022 after Trump's warning that blockade could last months

The situation in the Middle East, with no peace deal in sight, again sent oil prices soaring during the Asian market day. The North Sea Brent barrel, the global benchmark, rose 7.1% to $126.41, while theWest Texas Intermediate (WTI), the U.S. market benchmark, advanced 3.4%to $110.31.


This is its highest level since mid-2022, when the Russian army's invasion of Ukraine triggered a soaring oil and gas prices.

"The geopolitical backdrop shows no signs of calming (...) Storage capacities are saturated (in the Gulf), exports are limited and the risk is no longer limited to simple loss of supply, but now encompasses the lasting fall in production," warned Stephen Innes of SPI Asset Management.

Iran's President,Masud Pezeshkian, assured that the naval blockade imposed by the United States on its ports will cause disruptions in the Gulf but will fail in its objective.

"Any attempt to impose a maritime blockade or restrictions is contrary to international law (...) and is doomed to fail," Pezeshkian said in a statement.

A senior White House official reported that Trump warned, in a meeting with oil sector businessmen, of the possibility that the naval blockade of Iranian ports could last "for months if necessary."
The president was very satisfied with the impact of this measure on Iran. Thus, Trump told the Axios websitethat his naval strategy is causing the Iranians "to be suffocating like a stuffed pig. And it will be worse for them.".

TheU.S. Central Command in the Region (CENTCOM) claimed Wednesday in X that it had reached a "significant milestone" by preventing the passage of the 42nd ship that tried to break the blockade.

It indicated that there are "41 oil tankers with 69 million barrels of oilthat the Iranian regime cannot sell." A cargo valued at $6 billion.

On the Lebanese front, the Israeli army continues to fight the pro-Iranian terrorist group Hezbollah, despite the recent extension of the ceasefire. Last Wednesday, two people, including a serviceman, were killed in a new Israeli attack in the south of the country in retaliation for repeated violations of Hezbollah's truce, according to the Lebanese army.

Lebanese President Joseph Aoun, has urged Israel to "fully implement" the cease-fire that went into effect on April 17 before engaging in direct negotiations.

Russian President Vladimir Putin alerted Trump by phone of the"harmful consequences" of an eventual resumption of war against Iran by the United States and Israel.