Oil price hits highest since 2022 after report Trump to be briefed on new Iran options

Axios reported that US Central Command has prepared a plan for a wave of "short and powerful" strikes on Iran.

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Brent crude rose by almost 7% to more than $126 (£94) a barrel at one point, before falling back.

US Central Command has prepared a plan for a wave of "short and powerful" strikes on Iran to try to break the deadlock in negotiations with Tehran, news site Axios reported. The BBC has contacted US Central Command and the White House for comment.

Energy prices have been rising this week as peace talks appear to have stalled, with the key Strait of Hormuz waterway still effectively closed.

'Just ridiculous': Americans react to gas pricesAbout 20% of the world's oil and liquefied natural gas (LNG) usually passes through the strait and the conflict has sent global energy prices soaring.