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Brent crude

Brent crude surges above $100 a barrel amid Middle East tensions

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Brent crude

LONDON: Global oil prices climbed above $100 a barrel for the first time since May as escalating tensions in the Middle East fueled concerns over potential disruptions to global energy supplies.

Brent crude, the international benchmark, rose more than 6% in Thursday trading, surpassing the psychologically significant $100-a-barrel mark.

Investors increased buying amid fears that a wider regional conflict could threaten the flow of oil through key shipping routes.

The price rally comes as attacks on commercial shipping in the Red Sea continue, with Yemen’s Houthi movement reportedly targeting Saudi oil tankers and other commercial vessels.

The Red Sea and the Bab el-Mandeb Strait are among the world’s busiest maritime corridors for oil and cargo shipments linking Asia, Europe and the Middle East.

US President Donald Trump blamed both the Houthis and Iran for the attacks, saying Washington holds Tehran responsible for supporting the group. He warned that the United States could respond with significant military action if attacks on international shipping continue.

Energy analysts say sustained oil prices above $100 a barrel could drive up global fuel, electricity and transportation costs, adding to inflationary pressures and slowing economic growth.

Global oil prices extend decline as Brent Crude falls below $73 barrel

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Global oil prices

LONDON: Global oil prices continued to decline in the latest trading session, extending a downward trend driven by easing supply concerns and weaker demand expectations.

Brent crude, the international benchmark, fell to $72.91 per barrel, while U.S. West Texas Intermediate (WTI) crude dropped to $69.63 per barrel. Abu Dhabi’s Murban crude also declined, trading at $66.35 per barrel.

Natural gas prices fell to $3.31 per million British thermal units (MMBtu), reflecting broader weakness across energy markets.

Economic analysts said Brent crude has now reached its lowest level since tensions between the United States and Iran escalated earlier this year.

Market observers attributed the decline to improving global supply conditions and concerns over slowing demand growth in major economies. Increased production levels and easing geopolitical fears have also helped reduce pressure on energy markets.

The latest price movements are being closely monitored by investors and policymakers as energy costs remain a key factor influencing inflation and global economic growth.

Global oil prices hit four-month low

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Global oil prices

ISLAMABAD: International crude oil prices have fallen to their lowest levels since late February, raising expectations of further cuts in petroleum prices in Pakistan.

Oil prices came under pressure following developments involving the United States and Iran, leading to a sharp decline in global benchmarks.

Brent crude dropped to $74 a barrel, its lowest level since Feb. 27. U.S. West Texas Intermediate crude fell to $70 a barrel, while Murban crude declined to $67 a barrel.

The decline in international prices is already being felt in Pakistan, where the government recently announced significant reductions in gasoline and high-speed diesel prices.

Energy analysts said the continued slide in crude prices in recent days has shifted attention to the next fuel price review, with expectations growing that authorities could consider additional cuts if the downward trend persists.

Market observers said sustained weakness in global oil prices could provide further relief to consumers and ease inflationary pressures in the country.

Global oil prices hit three-month low after Iran-US agreement

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Global oil prices

Global crude oil prices fell to their lowest level in three months, extending losses in international markets following the Iran-U.S. agreement.

Brent crude, the international benchmark, dropped by $3.20 per barrel to $79 per barrel.

U.S. West Texas Intermediate (WTI) crude also declined, falling $2.86 to $77 per barrel. Meanwhile, UAE Murban crude was trading at $72 per barrel.

The decline continues a downward trend seen in recent trading sessions, with oil prices also posting losses a day earlier amid expectations of improved supply flows and reduced geopolitical tensions.

Global oil prices surge to multi-year highs amid Iran war tensions

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Global oil prices

Global oil markets witnessed a dramatic surge on Monday as escalating war tensions involving Iran pushed crude prices to their highest levels since 2022, raising concerns about energy supply disruptions.

In international trading, Brent Crude climbed to $119.50 per barrel at one stage, marking a multi-year high. Similarly, West Texas Intermediate (WTI) also surged to $119.48 per barrel during the session.

According to the latest figures, Brent crude is currently trading at around $101.46 per barrel, while WTI crude has reached approximately $98.82 per barrel, reflecting a sharp increase within a single trading day.

Market Anxiety After Iran Attacks

Energy market analysts say the surge followed military strikes carried out by the United States and Israel on Iran on February 28, which triggered widespread uncertainty in global energy markets.

Since the escalation, Brent crude prices have jumped nearly 66%, while WTI has risen about 77%, highlighting the severe volatility in oil markets.

Supply Concerns Push Prices Higher

Experts warn that if the conflict spreads further across the Middle East, global oil supplies could face serious disruptions, potentially pushing prices even higher.

Market data also shows that immediate Brent delivery contracts are trading about $36 higher than contracts for delivery in six months, indicating strong fears of a near-term supply shortage.

Possibility of Approaching Historic Oil Price Record

For reference, the highest oil price in history was recorded in 2008, when crude surged to nearly $147 per barrel during the global financial crisis. Analysts caution that if the conflict persists for an extended period, prices could move closer to that historic level once again.