Markets spooked as US president appears willing to keep up naval blockade and Iran keeps strait of Hormuz all but shut

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The global oil price has soared above $126 a barrel, its highest level since 2022, after Donald Trump said the US blockade of Iranian ports could last for months and peace talks remained stalled.

After surging more than 13% in 24 hours, the price of Brent crude futures reached its highest price since the war began on 28 February. Not since Russia’s 2022 invasion of Ukraine has Brent topped $120, with the price then peaking at $139.