Oil prices continued to soar on Wednesday, with Brent jumping over 7% to hit the highest price since June 2022, after US President Donald Trump declared that Washington rejected Iran’s latest peace proposal. Instead of lifting the blockade of the Strait of Hormuz, the American leader claimed that keeping the waterway closed is “somewhat more effective than the bombing,” connecting his refusal to act with claims that Iran must not have a nuclear weapon.
Brent for June’s deliveries advanced by 7.23% at 1:12 pm ET to $119.56 per barrel. A minute later, West Texas Intermediate for the same month’s settlements surged by 7.44% to $107.30.