Brent Crude Hits $124 as Trump Reviews Iran Strikes and Hormuz Seizure Plan

Brent crude oil rose sharply to $124 per barrel on Wednesday. This is the highest level since the 2008 financial crisis, as tensions around the Iran war escalated and diplomatic efforts stalled. The spike came as US President Donald Trump is set to receive a detailed military briefing on Iran. This comes as markets react to the growing risk of disruption in the Strait of Hormuz.

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CENTCOM Pitches “Short and Powerful” Strikes, Ground Forces for Strait, Uranium Raid

Oil prices moved quickly after reports that the US is considering new military options. According to recent data, Brent crude climbed 5.6% to $124.67. Meanwhile, WTI crude reached $109.49. Prices are now up about 8% in a single day.

The rally reflects concerns over supply disruptions, especially as the Strait of Hormuz handles nearly one-fifth of global oil flows. In the US, gasoline prices have also increased, averaging around $4.23 per gallon.

As part of the Trump Iran strategy review, CENTCOM Commander Admiral Brad Cooper is expected to present multiple options during Thursday’s briefing. One option includes a “short and powerful” wave of strikes targeting Iranian infrastructure. The aim would be to increase pressure on Tehran amid stalled nuclear negotiations.

Another proposal focuses on taking control of parts of the Strait of Hormuz to ensure commercial shipping continues. This plan could involve deploying US ground forces. A third option involves a special forces operation to secure Iran’s stockpile of highly enriched uranium. This remains a key issue in ongoing tensions.

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Talks Remain Stalled As Both Sides Hold Position

Negotiations between the US and Iran have not progressed in recent weeks. Trump has rejected a reported three-stage proposal from Tehran. This included reopening the Strait and easing the blockade before nuclear talks.

He has instead continued to back the naval blockade, calling it more effective than direct military strikes. But they are not ruling out further action if talks fail. In an interview with Axios, Trump said,

“They are choking like a stuffed pig. And it is going to be worse for them.”

On the other side, Iran has shown little willingness to compromise. According to analysis from the Institute for the Study of War, internal political support in Tehran is consolidating around a hardline stance. This is particularly on the control of the Strait of Hormuz and its nuclear programme. With both sides holding firm, markets are likely to remain sensitive to any further developments.

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