Global oil prices surged on Wednesday, with Brent crude briefly climbing to $125 per barrel — its highest level since 2022.
Gatekeepers News reports that data from Oilprice.com showed Brent crude rising to $125.60 late Wednesday before easing to $116.50 in early Thursday trading, representing a 1.47 percent drop from its peak.
The US benchmark, West Texas Intermediate (WTI), also recorded gains, trading at $106.72 per barrel, though it slipped slightly by 0.15 percent in early trading.
The latest rally marks the sharpest price increase since the onset of the Russia-Ukraine war, which previously triggered volatility in global energy markets.
According to BBC, the surge followed reports that the United States military is preparing to brief Donald Trump on potential strategies for action in the escalating tensions involving Iran.
Earlier developments indicated that Trump had rejected a proposal from Tehran to reopen the Strait of Hormuz, suggesting that the naval blockade would remain in place pending a broader nuclear agreement.
Meanwhile, on April 28, the United Arab Emirates announced its decision to withdraw from the Organization of the Petroleum Exporting Countries after nearly six decades of membership.
The country is also exiting OPEC+, a broader alliance of oil-producing nations.
Its minister of energy, Suhail Mohamed Al Mazrouei, said the move aligns with evolving policy directions in the energy sector.
