Brent crude rose to $119.75/bbl, peaking at $120.34/bbl, its highest level since June 2022.
Prices surged as U.S. President Donald Trump prepared an extended naval blockade against Iran, raising Hormuz blockage concerns.
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 production unlikely to rise amid ongoing Iran‑related disruptions.