The price of oil surged past $125 per barrel in overnight trading, the highest level since Russia invaded Ukraine.
During Asia’s trading hours, the price of Brent crude – the international benchmark – soared nearly 7% to more than $126 per barrel.
Prices surged following reports that the US military is set to brief Donald Trump on new plans for potential strikes on Iran.
Overnight, Axios reported that CENTCOM chief Admiral Brad Cooper is slated to brief Trump on how the US may go about undertaking new military actions with an aim of either breaking the negotiations deadlock or delivery a killing blow to end the war.
CENTCOM has reportedly prepared a plan for a ‘short and powerful’ wave of attacks with will likely include infrastructure targets.
Trump will also be briefed on a plan to physically take part of the Strait of Hormuz over to reopen it to commercial shipping.
This may include sending ground troops to the Middle East.
Trump considering more Iran strikes
US news outlet Axios reported that Donald Trump is considering launching more strikes on Iran to break the peace talks deadlock.
CENTCOM chief Admiral Brad Cooper is set to present a plan for a ‘short and powerful’ wave of strikes against Iran that would likely target key infrastructure.
The aim of this would be to either break the deadlock on peace talks, or deliver a killing blow against Iran.
Trump is also being presented a plan to take over part of the Strait of Hormuz with the US military in order to restore global shipping.
This plan may require US soldiers to be sent to the Middle East.
Another plan that is being discussed is a possible special forces operation to secure Iran’s stockpile of enriched uranium.
Oil soars past $125 a barrel
The price of oil has soared past $125 per barrel.
During Asia’s trading hours, Brent crude – the international benchmark – rose nearly 7% to the highest level since Russia’s invasion of Ukraine in 2022.
Energy prices have risen as peace talks between the US and Iran appear to have stalled while the Strait of Hormuz, a key waterway for the trade of gas and oil, remains closed.
Tehran admits inflation hit 73.5%
Iran’s consumer prices rose more than 70% between this March and April, compared to last year, Tehran’s government has admitted.
The Statistical Center of Iran reported today that average inflation in the 12 months ending in April rose 53.7% from the same period a year earlier.
US says it has stopped Iran cashing in on $6bn in oil
Overnight, CENTCOM chief Admiral Brad Cooper said US forces redirected the 42 commercial ship that tried to get though the US blockade of Iranian ships.
He said: ‘Right now there are 41 tankers with 69million barrels of oil that the Iranian regime can’t sell. That’s an estimated $6billion-plus from which Iran’s leadership cannot financially benefit.
‘The blockade is highly effective and US forces remain fully committed to total enforcement.’
Trump: Iran are ‘choking like a stuffed pig’
Trump has claimed that Iran is greatly suffering as a result of the US’ naval action against Tehran.
Speaking to Axios, he said of Iran: ‘They are choking like a stuffed pig. And it is going to be worse for them.’
Good morning, and welcome to the Daily Mail’s coverage of the ongoing crisis in the Middle East
