Crude oil hits 4-year high as US & Iran fail to negotiate end to war

Crude oil hit $120/barrel for the first time since June 2022 as US signalled it wasn't ready to let up the naval blockade of Iranian ports and Iran reportedly continued preparing for potential attacks and retaliation. US' West Texas Intermediate also inched above $107/barrel. Multiple Gulf countries have also reduced oil production due to storage overflow and export difficulties.