Global oil price hits 4-year high on concerns Iran war could worsen

Global oil prices jumped to a four-year high of more than US$122 a barrel on Thursday, on concerns that the US-Iran war could worsen and lead to a protracted Middle East oil supply disruption that could hurt global economic growth.The market moved higher after Axios, citing unidentified sources, reported late on Wednesday that US President Donald Trump was slated to receive a briefing on Thursday on plans for a series of military strikes on Iran in hopes it would return ‌to negotiations on its nuclear programme.Global oil benchmark Brent crude futures rose US$3.73, or 3.2 per cent, to $121.76 a barrel as of 0820 GMT (4.20pm Hong Kong time), after touching an intraday high of US$126.41, the loftiest since March 9, 2022. The prompt contract for June delivery expires on Thursday. The more active July contract was at US$111.89, up US$1.45 or 1.3 per cent.