Oil Price Hike: Crude hits highest level since 2022, soars above $120; How will it impact India?

Oil Price Hike: Amid rising concerns over reports of an ‘extended’ blockade by the United States on Iranian exports and stalled nuclear negotiations, oil prices on Wednesday jumped to their highest levels since 2022. The price of Brent oil surged past $120 a barrel, briefly hitting  $122 as ceasefire negotiations between Washington and Tehran stalled, and the Strait of Hormuz remained heavily disrupted amid closure.

Amid worries brewing over an escalation in the US-Iran war, sources said that Chevron chief executive Mike Wirth and other energy executives met with President Donald Trump to address measures to limit the fallout and impact on American consumers. Oil traders are also concerned as several countries are now entering a phase of exhausting their oil reserves due to the closure of Hormuz.