Iran has warned that the U.S. naval blockade over the Strait of Hormuz is "doomed to fail" as oil prices rise to their highest point in years. The international benchmark price for oil, Brent crude, rose to more than $126 a barrel overnight, the highest since 2022, when Russia launched its invasion of Ukraine. This comes after reports that the US military was preparing to brief President Donald Trump on plans for military action to help resolve the deadlock in talks to end the war and reopen the crucial trade route. The situation has disrupted the global economy, with gas price averages in the US reaching $4.23 a gallon.