Trump: Energy prices will fall "like a stone" as soon as the war ends

Global oil prices hit a four-year high of over $126 a barrel amid concerns that the conflict could lead to a prolonged crisis, Reuters reports.

The price of Brent crude rose by nearly seven percent to $126.31 a barrel, before falling back to around $114.

About 20 percent of the world’s oil and liquefied natural gas (LPG) is transported through the Strait of Hormuz, and the conflict has led to a jump in global energy prices.

Iran’s Supreme Leader Ayatollah Mojtaba Khamenei said Thursday that Tehran will secure the Strait of Hormuz and eliminate “enemy abuses of that waterway,” the BBC reported.

Meanwhile, the US has announced that it will block Iranian ports as long as official Tehran threatens the safety of tankers trying to use the Strait of Hormuz by seriously disrupting global energy supplies.

(Vijesti.ba)