(BBC) – Oil prices jumped to their highest since 2022 after a report that the US military is set to brief President Donald Trump on new plans for potential action in the Iran war.
Brent crude rose by almost 7% to more than $126 (£94) a barrel at one point, before falling back.
US Central Command has prepared a plan for a wave of “short and powerful” strikes on Iran to try to break the deadlock in negotiations with Tehran, news site Axios reported. The BBC has contacted US Central Command and the White House for comment.
Energy prices have been rising this week as peace talks appear to have stalled, with the key Strait of Hormuz waterway still effectively closed.
About 20% of the world’s oil and liquefied natural gas (LNG) usually passes through the strait and the conflict has sent global energy prices soaring.
Crude oil is a key ingredient in petrol and diesel, and the jump in costs since the start of the Iran war has pushed up pump prices for motorists.
