Brent hits its highest level since June 2022 as threats of further US strikes on Iran and reports of energy-infrastructure plans unsettle markets

Oil prices rose sharply today as traders priced in severe supply risks amid threats of renewed US military strikes against Iran. Brent crude climbed 2.7% to $116.20 a barrel, its highest level since June 2022.

US benchmark West Texas Intermediate rose more than 3% to $102.50 a barrel, its highest level in five weeks. Both benchmarks were on course for a third consecutive week of gains.

The rally followed statements by US President Donald Trump indicating Washington may launch further strikes on Iranian territory. Trump said previous military actions had “knocked the hell out of them.”

Reports that US and Israeli military officials had drafted plans for expanded operations targeting regional energy infrastructure further unsettled traders. The US State Department also ordered non-essential diplomatic staff to evacuate Saudi Arabia amid persistent long-range retaliatory strikes against Gulf energy infrastructure.