Oil hits highest price since 2022 as Trump to hear new Iran options

Oil prices jumped in Asia on Thursday (April 30) after a report said the US military has prepared new plans for possible action against Iran.

Brent crude rose by almost 7% to more than 126 US dollars a barrel, the highest level since Russia’s full-scale invasion of Ukraine in 2022.

According to Axios, US Central Command has prepared a plan for a wave of “short and powerful” strikes on Iran in an effort to break the deadlock in talks with Tehran. The report, cited by the BBC, said the possible strikes could include infrastructure targets.

The BBC said it had contacted US Central Command and the White House for comment.

Energy prices have risen this week as peace talks appeared to stall, while the Strait of Hormuz remains effectively closed. The waterway is a key route for global energy shipments, with about one-fifth of the world’s energy usually passing through it.

Axios also reported that another plan focuses on taking control of part of the Strait of Hormuz to reopen it for commercial shipping. The report said such a move could involve troops on the ground.

US-traded West Texas Intermediate crude oil also rose by 2.3% to around 109 US dollars a barrel.

The current Brent futures contract for June delivery is due to expire on Thursday. The more active July contract was up by about 2% at around 113 US dollars in morning trade in Asia.

The United States has said it would blockade Iranian ports as long as Tehran continues to threaten vessels using the Strait of Hormuz. Iran had earlier threatened to attack ships in the waterway after US-Israeli airstrikes.

Oil prices also rose by 6% on Wednesday following reports that Washington was preparing for an extended blockade of Iran.

The BBC further reported that energy executives met President Donald Trump on Tuesday to discuss ways to reduce the impact of the war on US consumers, increasing market concern over a longer disruption to energy supplies.

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