Oil Prices Spike as Trump Weighs New Strikes

Oil prices shot up to their highest level since the Iran war began on Thursday on a report that President Trump is weighing new military strikes, reports the BBC. Brent crude hit $126 a barrel before pulling back a bit, per CNBC. The jump to the highest mark since Russia's 2022 invasion of Ukraine follows a report in Axios that the US is preparing a wave of "short and powerful" strikes on Iran to jolt stalled talks. Trump also told the outlet that the US will not lift its blockade of Iranian ports until Tehran surrenders its nuclear program.

"They are choking like a stuffed pig," said Trump in the interview. "And it is going to be worse for them." The report quotes three sources who say US Central Command is strategizing about new strikes, with potential targets to include Iranian infrastructure. Gas prices, meanwhile, rose to an average of $4.30 a gallon on Thursday, a wartime high, notes the New York Times. The cost of gasoline typically rises a few days after oil prices rise, suggesting drivers can expect the cost to keep going up this week.