Global oil prices surged to their highest levels since 2022 amid escalating tensions between the United States and Iran. Brent crude briefly climbed above $126 per barrel before easing later in the day.
The spike follows reports that US Central Command is preparing to brief President Donald Trump on potential military options, including targeted strikes aimed at breaking the current diplomatic deadlock.
Energy markets have been highly volatile as the Strait of Hormuz—a key route for global oil and liquefied natural gas—remains effectively disrupted. The waterway typically handles about 20% of global energy shipments, making it central to supply concerns.
Although prices later dropped closer to $114, analysts said fluctuations were also influenced by futures contract expiries and ongoing uncertainty in negotiations.
The surge is already impacting global economies, with rising fuel, transport, and food costs expected if tensions persist. Experts warn that prolonged instability could continue to drive inflation and disrupt supply chains worldwide.
