The global oil price has soared above $126 a barrel, its highest level since 2022. Donald Trump warned the US blockade of Iranian ports could last for months. The sharp rise in oil prices has raised the risk of a global recession fuelled by the rising cost of fuels and industrial feedstocks.
Brent crude futures for June continue to rise to $119.94 per barrel as of 00:57 GMT. US West Texas Intermediate futures are at $107.51 per barrel. The US-Israel war on Iran has cost the US military $25 billion so far. The United Arab Emirates announced it would leave OPEC effective on May 1.