Brent crude oil prices reached $126 a barrel overnight before pulling back early Thursday, the highest level in four years, as President Donald Trump signaled the U.S. naval blockade of Iran's ports would remain in place until Tehran abandons its nuclear program. By mid-morning, Brent had given back its earlier gains to settle around $116 a barrell, while WTI hovered near $106.
The two oil futures have each increased by 60% from where they stood when the U.S. and Israeli-led military campaign against Iran launched on Feb. 28. Over the past two weeks alone, Brent has climbed about 30%.