HONG KONG: The price of Brent crude oil surged past USD 125 a barrel early Thursday as stalled US-Iran talks raised doubts over the reopening of the Strait of Hormuz and a permanent end to the Iran war.
Brent crude to be delivered in June jumped 6.2 per cent to USD 125.36 early Wednesday. Brent to be delivered in July rose 3.1 per cent to USD 113.85.
Before the start of the war in late February, Brent crude was trading around USD 70 per barrel.
The Iran war, which is in its ninth week, still sees no clear path to an end. The US has continued its blockade of Iranian ports while the Strait of Hormuz, is closed, pushing oil prices higher.
US futures and share prices in Asia retreated.