World
Oil price briefly hits $120 after reports of 'extended' Iran blockade
5 minutes agoNaomi Rainey,Emer MoreauandJonathan Josephs,Business reportersGetty ImagesCrude oil is a key ingredient in petrol and dieselOil prices have soared following reports that the US is preparing for an "extended" blockade of Iran.The global benchmark oil price, Brent crude, briefly hit $120 (£88) a barrel on Wednesday evening, its highest price since 2022.The BBC understands that energy executives including Chevron chief executive Mike Wirth met US President Donald Trump at the White House on Tuesday to discuss how to limit the fallout from the conflict on American consumers.Oil traders appear...