Global oil prices have reached a new high, with Brent crude briefly rising to $125 per barrel amid growing concerns about worsening tensions between the United States and Iran.
Data obtained from Oilprice.com showed that Brent crude rose to as high as $125.60 late Wednesday before easing slightly to $116.50 in early trading on Thursday.
The slight drop represented a 1.47 per cent decline from its peak, but analysts say the movement still reflects heightened anxiety in the global energy market.
West Texas Intermediate, the United States benchmark, also recorded gains, trading at $106.72 per barrel, although it posted a marginal decline of 0.15 per cent in early trading.
Naija News reports that the latest rally represents one of the sharpest upward movements in oil prices since 2022, when the Russia-Ukraine war triggered major disruptions in global energy supply.
US-Iran Tension Fuels Market Jitters
The rise in oil prices followed reports that the United States military was preparing to brief President Donald Trump on fresh plans for possible action in the Iran conflict.
According to the BBC, the development has raised fears of a wider military confrontation in the Middle East, a region that remains central to global oil supply.
The uncertainty has also increased concerns among traders and energy market watchers, especially over the security of major shipping routes used for crude oil transportation.
Earlier reports also claimed that Trump had rejected Tehran’s proposal to reopen the Strait of Hormuz, indicating that the naval blockade would remain in place until a broader nuclear agreement is reached.
The Strait of Hormuz is one of the world’s most important oil transit routes, and any prolonged disruption in the area is expected to place additional pressure on global crude supply.
UAE Quits OPEC After Nearly 60 Years
The price surge also came weeks after the United Arab Emirates announced its decision to leave the Organisation of the Petroleum Exporting Countries (OPEC) after almost six decades of membership.
On April 28, the UAE said it was quitting OPEC as well as OPEC+, the wider alliance of oil-producing countries.
The development marked a major shift within the global oil cartel, given the UAE’s long-standing role as one of its influential members.
The UAE Minister of Energy, Suhail Mohamed AlMazrouei, said the country’s decision to exit OPEC was in line with new policy developments in its energy sector.
He said the move also reflected the country’s broader strategy as it adjusts to changing realities in the global energy market.
The combination of rising geopolitical tension, uncertainty around the Strait of Hormuz, and the UAE’s planned exit from OPEC has deepened concerns over crude supply stability.
