Oil soars above $120 a barrel after Iran defies US blockade
The price of Brent Crude continues above $120 per barrel. Photo: Larry W. Smith. EFE
TL;DR
- Iran warns the US that blocking its ports is doomed to fail and violates international law.
- Tensions over the Strait of Hormuz have driven oil prices to their highest levels in four years.
- The US is considering extending port blockades, which Iran views as a source of tension.
- Oil prices, specifically Brent crude, surpassed $126 per barrel.
- US Central Command reports preventing a ship from breaking the blockade and states 41 tankers carrying 69 million barrels of oil are currently unable to be sold by Iran.
- The US is seeking international allies to join a coalition to ensure security in the Strait of Hormuz.