NEWSFLASH: Oil prices soar above $120 per barrel

The last time this happened was after the Russian invasion of Ukraine, when Brent crude peaked at $139.13 per barrel in March 2022.

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Brent crude, the international benchmark for purchasing oil, hit $126 per barrel — passing $120 for the first time since the start of the war. Prices were $73.93 at the outset of the conflict.

After the paywall:

When was the last time Brent crude prices were this high?

Why is this happening today, of all days?

What happens next in the Strait of Hormuz?