Oil prices soar on fears of long supply disruption, US siege of Iran ports

US President Trump meets with oil firms over ways to minimise impact on fuel supplies amid US blockade of Iranian ports.

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Oil prices soared more than 6 percent on worries about prolonged supply disruption in the Strait of Hormuz and fears of a lengthy US siege of Iranian ports, settling at their highest levels in weeks.

US crude settled up 6.95 percent at $106.88 per barrel on Wednesday, and Brent crude, the international benchmark, was up 6.08 percent, or $6.77, at $118.03 after earlier touching its highest price since June 2022, the Reuters news agency reports.

Oil prices soar on fears of long supply disruption, US siege of Iran ports

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