Oil hits $125 as Strait of Hormuz remains closed

Brent crude rose above $125 a barrel on Thursday, its highest level since the start of the war.

The benchmark was trading near $70 before fighting began in late February.

Prices are rising on fears of a wider conflict and a longer US naval blockade of Iranian ports.

The Strait of Hormuz, a key route for global oil shipments, remains largely closed.

Markets were hit again after planned US-Iran talks in Pakistan failed to take place.

US President Donald Trump has signalled the blockade could continue for months if needed.