Oil prices have reached their highest levels since Russia's 2022 invasion of Ukraine, with Brent crude exceeding $125 per barrel, driven by supply constraints from the closure of the Strait of Hormuz and geopolitical tensions involving Iran, which in turn increases costs for fuel, food, and daily essentials.
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Oil prices soar to over $125 a barrel, as Trump says Iran blockade could last 'months'Added:
Oil prices have hit their highest since Russia's full-scale invasion of Ukraine in 2022. Brent crude costs were over $125 a barrel at one point as the continued closure of the Strait of Hormuz puts pressure on global supply and rumors that President Trump is considering more military action in Iran. The continued shortage means higher costs for fuel, food, and many daily essentials.
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