KABUL: Global oil prices have surged to their highest level in four years, reaching $126 per barrel, according to Western media reports.
CNN reported on Thursday morning that global markets saw crude oil prices climb to $126 per barrel, while Brent crude oil the international benchmark, rose by 12 percent to $124 per barrel.
The report noted that the spike in oil prices followed Donald Trump, President of the United States, announcing the extension of a ceasefire between Iran and Washington.
As global prices rose, fuel costs in the United States also increased, reaching $4.23 per gallon—the highest level in the past 4 years.
The sharp rise comes amid reports that Washington is considering extending a naval blockade on Iran, a move that has drawn strong reactions from Tehran. Iranian officials have warned of potential military retaliation if the blockade continues.