The price of Brent oil soared above $122 a barrel on Wednesday, its highest level since 2022, as US-Iran ceasefire negotiations stalled and the critical strait of Hormuz remained effectively closed. In a one-day surge of almost 10%, the price of Brent crude hit the highest level since the war began, tipping past $122 before settling about $120. Not since Russia’s 2022 invasion of Ukraine has Brent topped $120. Oil markets have been spooked this week as Donald Trump appeared willing to maintain the US Navy blockade of Iranian ports , with Iran responding by keeping the strait of Hormuz all but shut to other oil tankers. US-Iran talks set for Islamabad in Pakistan over the weekend failed to materialise , so the stalemate grinds on. Trump on Wednesday said Iran “better get smart soon” and in a meeting with oil executives discussed what steps could be taken to “continue the current blockade for months if needed,” according to a White House official.…