Crude oil prices hit a four-year high; U.S. spends $25 billion on Iran war

Kathmandu — Amid the ongoing war in the Middle East, crude oil prices have reached a four-year high.

Currently, crude oil prices have crossed $126 per barrel. According to the latest data, Brent crude has risen to around $126.31 per barrel, marking its highest level since March 2022.

It is now trading at roughly $125 per barrel. Brent crude has surged by about 7 percent, reaching its highest level since Russia launched its full-scale invasion of Ukraine in 2022.

The main reasons behind this week’s spike in energy prices are the apparent collapse of peace talks and the near-effective closure of the strategic Strait of Hormuz, a key global oil shipping route. Reports citing unnamed sources suggest that potential attack plans could target infrastructure.

Another plan reportedly aims to take partial control of the Strait of Hormuz and resume commercial shipping, which could require deploying ground forces.

Meanwhile, U.S. benchmark West Texas Intermediate (WTI) crude has also increased by about 2.3 percent, reaching around $109 per barrel.

According to reports, U.S. President Donald Trump is being briefed on possible military action against Iran. The United States Central Command (CENTCOM) has reportedly prepared a plan for a “limited but powerful strike” aimed not at prolonging war but at pressuring Iran into negotiations.

Following these developments, oil prices have risen further. Reacting to the surge, Iran’s Parliament Speaker Mohammad Bagher Ghalibaf sarcastically remarked that prices could now target $140 per barrel, while accusing Trump of being misled by his advisors.

He also mocked U.S. Treasury Secretary Scott Bessent, suggesting that such advice has pushed oil prices toward record highs.

Meanwhile, it has been revealed that the United States has spent $25 billion so far since the latest war with Iran began—marking the first time such war-related costs have been publicly disclosed.

Trump also recently posted a photo holding a rifle, warning Iran and stating, “I will not be soft anymore.”

At the same time, Iran has filed a complaint at the United Nations, accusing the United States of seizing ships and taking control of 3.8 million barrels of oil.