Brent Crude Hits $120 on Iran Supply Fears

Oil prices pushed higher Thursday, with Brent crude climbing to $120 a barrel, as fears grew that the standoff between the U.S. and Iran could drag on longer than markets had priced in. The move reflects two reinforcing pressures: a tightening U.S. blockade on Iranian oil exports and nuclear talks that show no sign of a near-term deal. Iran is one of the world's significant oil producers, and any sustained clampdown on its exports removes meaningful supply from global markets. When supply tightens without a matching drop in demand, prices rise. Higher oil prices feed directly into fuel costs for consumers and raise input costs for manufacturers and airlines. Energy-importing economies, including India, face wider trade deficits and currency pressure when crude stays elevated for an extended period. The immediate focus is on whether nuclear negotiations restart and whether the U.S. tightens enforcement of existing sanctions. Any signal of resumed talks could quickly reverse the rally; further stalling would push prices higher.