MOSCOW (Dunya News) – Brent crude oil prices in the global market have surged past $119 per barrel, reaching their highest level since June 17, 2022, according to trading data.
Market figures show that on the London ICE Exchange, the price of Brent crude for May 2026 delivery** rose sharply to $119.36 per barrel** at around 5:30am Moscow time.
The increase represents a significant rise of nearly 28.77 per cent in oil prices amid heightened uncertainty in global energy markets.
However, shortly afterwards at around 5:35am, prices eased slightly and Brent crude was seen trading at $117.8 per barrel, though it still reflected a strong increase of nearly 27 per cent.
Energy market analysts say the sharp surge in oil prices is mainly driven by escalating geopolitical tensions, particularly the ongoing crisis in the Middle East, which has raised concerns over potential supply disruptions.
Experts warn that instability in major oil-producing regions could continue to push prices higher if the situation worsens.
Analysts also noted that the rising cost of crude oil could have a significant impact on the global economy, including increased fuel prices, higher transportation costs and inflationary pressures in many countries.
If tensions persist, experts believe the global energy market may remain volatile in the coming weeks, with oil prices likely to fluctuate depending on developments in the region.