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Oil prices jumped in early Thursday trading as volatility linked to teh Iranian conflict intensified. Brent crude briefly hit about $126.41 a barrel-its highest spot level as 2022-before falling back near $110, far above its pre-Operation Epic Fury level around $73. The article also connects Brent to U.S.gasoline costs, noting that U.S. gas tends to rise by roughly 24 cents per gallon for every $10 increase in Brent; gasoline prices reportedly climbed from around $2.80 to about $4.30 after Iran shut the Strait of hormuz in connection with U.S.strikes.<\/p>\n

It then turns to U.S.-Iran diplomacy and actions around that period: Vice President JD Vance had led negotiations<\/a> with Iranian leadership in Pakistan beginning April 11, but no agreement was reached.The article claims President Donald Trump responded by blockading the Strait of Hormuz on April 12 and instructed the Navy to interdict vessels that paid illegal tolls to Iran, threatening severe consequences<\/a> for anyone who attacks U.S. forces or peaceful vessels. <\/p>\n