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