Oil Charges Toward $120 With No End in Sight to US-Iran War

Oil surged to the highest since June 2022, with no end in sight to the US-Iran conflict or choked-off energy flows through the Strait of Hormuz, heightening concerns over a rapidly shrinking global supply cushion.

Brent, the global benchmark, rose more than 7% to trade above $119.50 a barrel before paring some gains to settle around $118 a barrel, a fresh high since the Iran war began two months ago. Traders rolled over positions ahead of the June contract’s expiry on Thursday, adding to choppy trading. West Texas Intermediate ended the day just below $107 a barrel.