Brent crude rose to $119.75/bbl, peaking at $120.34, its highest level since June 2022.
Prices surged as U.S. President Donald Trump prepared an extended naval blockade against Iran, raising Hormuz disruption fears.
Iran’s blockage of the Strait of Hormuz since late‑February cuts about 20% of global oil supply, limiting ship traffic.
UAE announced exit from OPEC but is unlikely to boost output amid ongoing Iran‑related disruptions.