Oil prices rise on report US considering military options to break Iran deadlock
Global oil prices surged to a four-year high amid reports that the U.S. is considering military action against Iran to break a diplomatic deadlock over its nuclear program. The conflict has disrupted oil supplies through the Strait of Hormuz, a critical global shipping route, fueling concerns of prolonged supply shortages. Rising prices are increasing inflationary pressures and drawing attention from policymakers and energy markets worldwide.
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(Refiles to remove additional ’more’ in the first paragraph) By Alex Lawler LONDON, April 30 (Reuters) - Global oil prices jumped to a four-year high of more than $122 a barrel on Thursday, on concerns that the U.S.-Iran war could worsen and lead to a protracted Middle East oil supply disruption that could hurt global economic growth. The market moved higher after Axios, citing unidentified sources, reported late on Wednesday that U.S. President Donald Trump is slated to receive a briefing on Thursday on plans for a series of military strikes on Iran in hopes it will return to negotiations on its nuclear programme. Global oil benchmark Brent crude futures rose $3.73, or 3.2%, to $121.76 a barrel as of 0820 GMT, after touching an intraday high of $126.41, the loftiest since March 9, 2022.
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