Oil Prices Surge to $125 per Barrel

Global oil prices have surged, with Brent crude briefly hitting $125 per barrel, its highest level since 2022. Brent crude jumped to as high as $125.60 late on Wednesday before easing slightly to $116.50 as of early Thursday, reflecting a 1.47 per cent decline from its peak. West Texas Intermediate (WTI), the US benchmark, also recorded gains, trading at $106.72 per barrel, though it posted a marginal 0.15 per cent dip in early trading.

The rally marks the sharpest upward movements since 2022, when the Russia-Ukraine war started.

Oil Prices Surge to $125 per Barrel (NewsCentral TV) — Oil Prices Surge to $125 per Barrel Credit: Credit Sesame

The surge followed a report that the United States military is set to brief President Donald Trump on new plans for potential action in the Iran war. Also, earlier reports said Trump had reportedly rejected Tehran’s proposal to reopen the Strait of Hormuz, signalling the naval blockade will remain in place until a broader nuclear agreement is reached.

On April 28, the United Arab Emirates (UAE) said it was quitting the Organisation of the Petroleum Exporting Countries (OPEC) after nearly 60 years of membership. The Middle East nation is also exiting OPEC+, a wider alliance of the oil cartel.

According to UAE Energy Minister Suhail Mohamed AlMazrouei, the nation’s withdrawal from OPEC also reflects current policy trends within the energy sector.