LONDON, April 30 – Global oil prices surged to a four-year high above $122 per barrel on Thursday, driven by escalating concerns that the ongoing U.S.-Iran conflict could disrupt Middle East oil supplies and weigh on global economic growth.
Benchmark Brent crude futures rose sharply, climbing 3.2% to $121.76 a barrel after briefly touching an intraday high of $126.41, the highest level since March 2022. Meanwhile, West Texas Intermediate crude gained 1.4% to $108.37, after reaching a session high of $110.93.
The rally accelerated following reports that Donald Trump is expected to receive a briefing on potential military strikes targeting Iran, raising fears of further escalation in the region.
Oil prices have risen dramatically since the conflict began in late February, with Brent crude roughly doubling and U.S. crude up about 90%. A key factor behind the surge is the disruption to the Strait of Hormuz, a critical energy corridor through which around one-fifth of global oil and liquefied natural gas flows.
Market analysts warn that the current trajectory could push prices even higher. According to industry observers, Brent crude could potentially approach $150 per barrel if supply disruptions persist or intensify.
The surge in oil prices is expected to have wide-ranging economic consequences. Higher energy costs could trigger a renewed spike in global inflation, increase fuel prices, and strain household budgets worldwide. In the United States, rising gasoline prices may also carry political implications ahead of upcoming mid-term elections.
While near-term price movements remain volatile, the outlook for oil markets will largely depend on the duration and intensity of the conflict, as well as the ability of global producers to offset supply disruptions.
