Oil price jumps to $115 after reports of 'extended' Iran blockade

oil jumped to $115 a barrel on wednesday after reports that the us is preparing for an 'extended' blockade of iran. brent crude closed just over $110 on tuesday evening, then hit $115 before easing to $114.37 by midday bst. the wall street journal reported that trump told aides to plan for a longer blockade of iran's ports to squeeze its economy. iran has said it will keep disrupting traffic through the strait of hormuz, which normally carries about a fifth of the world's oil and lng supply. the strait has been effectively closed for weeks since us and israeli strikes began on 28 february. trump posted on truth social that iran 'couldn't get its act together' and urged it to 'get smart soon.' us officials told the journal that trump chose the extended blockade because resuming bombing or walking away carried more risk. the world bank forecast energy prices would surge 24% in 2026 if the worst disruptions end in may.