Oil Prices Surge to Highest Since 2022 at $126 Per Barrel

Oil prices reached their highest levels since 2022, with Brent crude rising nearly 7% to over $126 per barrel. This increase follows a report that the US military is preparing new options for potential action regarding Iran, which could impact the negotiations currently at a standstill. West Texas Intermediate crude also saw a rise of 2.3%, trading at around $109 per barrel. The possibility of military escalation in the Gulf region has raised concerns among traders regarding future energy supplies, with implications for inflation and market stability.