Brent crude surged to a four-year high on Thursday after reports that the United States military was preparing to brief President Donald Trump on possible military options against Iran, heightening fears of renewed conflict and further tightening pressure on Iranian oil exports.

The U.S. Central Command is expected to present Trump with potential plans for military action targeting Iran, according to Axios, citing two sources familiar with the matter.

Trump had earlier reportedly rejected Tehran’s proposal to reopen the Strait of Hormuz, indicating that the naval blockade would remain in place until a broader nuclear agreement is reached.

June futures for international benchmark Brent crude jumped 6.84 per cent to $126.10 a barrel, while U.S. West Texas Intermediate rose 3.14 per cent to $110.24, reflecting heightened supply fears amid ongoing geopolitical tensions.

Brent crude has climbed to its highest level since early 2022, according to LSEG data, as escalating conflict in the Middle East continues to disrupt global supply flows.

Goldman Sachs estimates that oil shipments through the Strait of Hormuz have dropped to just 4 per cent of normal levels, amid stalled U.S.-Iran negotiations and an ongoing U.S. blockade that is tightening market conditions.

The bank noted that constrained Iranian exports, combined with limited storage capacity, could further deepen supply disruptions if the blockade continues.

It added that any increase in output from the UAE following its OPEC exit is expected to emerge gradually over the medium term, and is unlikely to offset near-term supply tightness.