Oil prices have risen sharply following reports that the US is preparing for an “extended” blockade of Iran.
Brent crude rose to around $115 a barrel on Wednesday, after closing just above $110 on Tuesday evening.
The price had fallen slightly to $114.37 just before midday BST, the Telegraph reports.
This comes after reports from the Wall Street Journal that US President Donald Trump has instructed aides to prepare to extend the ongoing blockade of Iran’s ports in a bid to squeeze the country’s economy.
Iran has said it will continue to cut off traffic travelling through the Strait of Hormuz in response to the US blockade.
The price of oil has seen significant fluctuations since the start of the war, as the key Strait of Hormuz has been effectively closed for weeks due to the conflict.
Iran has severely restricted shipping through the strait — which normally carries about a fifth of the world’s oil and liquefied natural gas supply — in response to US and Israeli attacks that began on February 28.
Earlier this month, Tehran warned that any ship approaching the strait would be targeted.
The US then announced that its forces would intercept or turn back ships traveling to or from Iranian ports./BuzPost/
