Brent crude oil prices have surged past $119 per barrel, reflecting intensified geopolitical tensions in the Middle East involving the United States, Israel, and Iran.
The spike is largely tied to the effective closure of the Strait of Hormuz, a critical chokepoint for 20% of the global oil supply. Peace negotiations between the U.S. and Iran have stalled, exacerbating the disruption.
The latest surge follows a previous peak near $128 in April, according to the Energy Information Administration, and marks a significant jump from March's average price of $103.
Markets now suggest rising oil prices may signal economic instability, potentially impacting cryptocurrency valuations. Analysts warn that geopolitical risks could weigh on confidence in risk assets like Bitcoin and Ethereum.