Crude prices hit 4-year high, Brent touches $126 amid concerns of prolong blockade of Strait of Hormuz

Oil prices hit a four-year peak on Thursday as concerns intensified over a lengthy disruption to global energy supplies. The rally was ignited by comments from US President Donald Trump, who indicated that a naval blockade of the Strait of Hormuz would continue until Iran agrees to a new nuclear deal.

“We’re having talks with Iran. They’ve come a long way. The question is whether or not they’re going to go far enough. At this moment, there will never be a deal unless they agree that there will be no nuclear weapons,” said Trump, as quoted by the US Department of State in a tweet.