Crude oil prices touch wartime highs, with the US reportedly considering military action options against Iran.

Brent crude oil rose to its highest level since wartime, with concerns in the market that the United States may resume strikes against Iran, which could provoke a swift response from Tehran and plunge the Middle East into turmoil once again. Brent crude oil futures broke through $122 per barrel, surging over 6% on Wednesday to hit the highest level since June 2022. WTI crude oil futures fluctuated around $109 per barrel. According to Axios citing sources, US President Trump will receive a briefing from Central Command on potential new military options against Iran on Thursday. Negotiations to reopen the Strait of Hormuz are currently deadlocked. Central Command has requested to delay the long-deployed "Dark Eagle" hypersonic missiles from being sent to the Middle East in preparation for potential strikes against Iran. Trump earlier told Axios that he will not lift the naval blockade on Iranian ports until a resolution to the nuclear issue is reached with Tehran.