Global oil markets are on edge after prices exploded to their highest levels in years, with Brent crude briefly smashing past $125 per barrel.
The surge the sharpest since 2022 has been driven by mounting fears of a wider conflict in the Middle East, as tensions between the United States and Iran spiral.
Data shows Brent crude spiked to $125.60 before easing to around $116, while U.S. benchmark West Texas Intermediate climbed above $106, signalling a market gripped by uncertainty.
The price shock comes as Donald Trump prepares to receive fresh military briefings on possible action in the Iran conflict a move that has rattled traders and sent panic through global energy markets.
Fueling the anxiety further, Washington is said to have rejected Tehran’s proposal to reopen the Strait of Hormuz a critical artery for global oil supply with indications the naval blockade could remain in place until a broader nuclear deal is reached.
The fallout is already spreading. The Organization of the Petroleum Exporting Countries is facing fresh uncertainty after the United Arab Emirates announced it is quitting the group after nearly six decades a shock move that adds another layer of instability to an already fragile market.
With supply fears rising and geopolitical tensions intensifying, the message from the oil market is loud and clear: the world could be heading for another energy crisis.
