Early Thursday witnessed a significant spike in oil prices, reaching peaks not seen since the onset of the US-Iran conflict. This surge was short-lived, however, as fresh reports suggested President Trump might resume military actions against Iran.

In the wee hours after midnight Eastern Time, Brent crude, the global oil benchmark, soared past $126 per barrel. This followed Trump’s announcement of his intention to maintain a prolonged blockade of Iranian ports in the crucial Strait of Hormuz.

“The blockade is genius, OK? The blockade has been 100% foolproof,” President Trump remarked to the press from the Oval Office on Wednesday afternoon. He added, referring to Iran: “Now, they have to cry ‘uncle,’ that’s all they have to do. Just say, ‘We give up.’”

Brent prices later tumbled to approximately $116 per barrel after an Axios report suggested that the head of US Central Command, Admiral Brad Cooper, would brief Trump at the White House on Thursday. The briefing would cover plans for a “short and powerful” series of strikes intended to compel Iran to pursue peace and abandon its nuclear objectives.

President Trump had earlier conveyed to Axios that he found the blockade to be “somewhat more effective than the bombing,” leaving the timing of any potential new strikes ambiguous.

Since April 8, the US and Iran have adhered to a cease-fire, but Trump has continually hinted at the possibility of renewed military action.