Global oil prices surged sharply on Wednesday, with Brent crude briefly climbing to 125.60 dollars per barrel before easing to 116.50 dollars in early Thursday trading, according to data from Oilprice.com.
The benchmark remains volatile, representing a 1.47 per cent drop from its intraday peak but still trading at elevated levels.
West Texas Intermediate (WTI), the U.S. benchmark, also gained, trading at about 106.72 dollars per barrel despite a slight 0.15 per cent dip in early Thursday sessions.
The rally is one of the sharpest increases since 2022, when oil markets were upended by the Russia‑Ukraine war.
Reports indicate that escalating geopolitical tensions are driving the surge, with prices spiking after news that the United States military will brief President Donald Trump on new plans for potential action in the Iran conflict.
Earlier reports also showed that Trump rejected Tehran’s proposal to reopen the Strait of Hormuz, suggesting the naval blockade could persist until a broader nuclear agreement is reached.
Adding to market uncertainty, the United Arab Emirates (UAE) announced on April 28 that it will withdraw from the Organisation of the Petroleum Exporting Countries (OPEC) after nearly six decades of membership and will also exit OPEC+.
UAE energy minister Suhail Mohamed AlMazrouei said the move aligns with the country’s evolving energy‑policy direction and national interests, further reshaping dynamics in the global oil market.
