- Brent crude oil prices surged past $125 a barrel early Thursday morning, with US West Texas Intermediate also rising, as the US-Iran conflict continues into its ninth week.
- The price hike is attributed to stalled negotiations between the US and Iran, the ongoing US blockade of Iranian ports, and the closure of the critical Strait of Hormuz.
- Donald Trump is scheduled to receive a briefing on potential military strikes against Iran, aimed at compelling the nation to resume nuclear programme negotiations.
- The conflict, which began with US and Israeli air strikes on 28 February, led to Iran's retaliation by closing the Strait of Hormuz, a vital chokepoint for Middle Eastern energy supplies.
- Analysts indicate dim prospects for a near-term resolution or the reopening of the Strait of Hormuz, with Opec+ expected to agree only a small increase in oil output.
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