Brent Crude Hits $119, Highest Since 2022

Global oil markets experienced a significant shock on Wednesday as Brent crude prices soared past $119 per barrel.

This spike represents the highest valuation for the commodity since early 2022, intensifying concerns regarding the global economic impact of the escalating conflict in the Middle East.

By late afternoon, Brent futures had climbed by 7.6%, trading at approximately $119.69.

The rapid price increase is directly linked to heightened geopolitical tensions, specifically following military actions involving the U.S. and Israel.

Brent Crude (News Central TV) — Brent crude hits $119, the highest since 2022. Credit: Dubai Eye 103.8

These events prompted Iran to effectively shut down the Strait of Hormuz, a critical maritime corridor responsible for a vast portion of the world’s petroleum shipments.

This closure has disrupted global supply chains, driving fuel costs to levels not seen since the initial stages of the war in Ukraine.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.