Global oil markets saw a sharp rise as Brent crude futures breached $126 per barrel for the first time since March 2022, driven by supply concerns and geopolitical tensions.
On London's ICE exchange, June delivery Brent futures jumped 12.6% to $126.3 a barrel. However, prices quickly retreated to $123.86, still up $5.83 from the previous session.
In New York, West Texas Intermediate (WTI) crude for June delivery rose 2.34% to $109.38 a barrel, after a 7% gain in the prior session.
Analysts attribute the rally to ongoing production cuts by OPEC+ and heightened geopolitical risks. The market remains volatile as investors weigh supply constraints against potential demand slowdown from global economic headwinds.
Year-to-date, Brent crude has surged approximately 60%. For more insights on oil price trends, check our dedicated section.
