Brent crude oil prices have surged past $126 per barrel for the second time since the recent escalation of conflicts between the US, Israel, and Iran, although they pulled back slightly at the time of reporting. Meanwhile, US West Texas Intermediate (WTI) crude also rose significantly, surpassing $109 per barrel.<\/p>\n
The global oil market has entered a new phase of volatility, driven by several simultaneous factors putting pressure on supply. Reports indicate tightened restrictions imposed by the United States on Iranian ports, as well as increased transit limitations through the Strait of Hormuz, a strategic passage for much of the world’s oil shipments. Additionally, the United Arab Emirates’ announcement of its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) represents a structural shift, raising concerns about the cohesion of supply.<\/p>\n
At the time of this report, WTI crude rose 2.33% to $109.37 per barrel, while Brent crude increased by 4.91%, trading at $123.83 per barrel, after having peaked near $126 earlier today.<\/p>\n
In other indicators, Abu Dhabi’s Murban crude fell by 3.40% to $109.61 per barrel, whereas Omani crude climbed 2.24% to $105.80. The OPEC basket price rose by 1.69% to $109.44 per barrel.<\/p>\n
Iranian oil prices have remained elevated, with Iranian Light crude trading between $108.15 and $110.05 per barrel, and Iranian Heavy crude ranging from $106.25 to $107.90 per barrel.<\/p>\n
Beyond crude oil, gasoline prices have also trended upward. The American Automobile Association (AAA) reported a national average gasoline price of $4.229. Analysts believe that continued geopolitical pressures and structural changes in the market may keep prices elevated, even if short-term tensions ease.<\/p>\n","protected":false},"excerpt":{"rendered":"
Brent crude oil rose past $126 amid US-Iran-Israel tensions and UAE’s exit from OPEC, raising supply concerns and pushing WTI over $109 per barrel.<\/p>\n","protected":false},"author":2,"featured_media":11856,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,17,16],"tags":[],"class_list":["post-11857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-important-news","category-secondary-headline"],"_links":{"self":[{"href":"https:\/\/atlaspress.news\/en\/wp-json\/wp\/v2\/posts\/11857","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/atlaspress.news\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/atlaspress.news\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/atlaspress.news\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/atlaspress.news\/en\/wp-json\/wp\/v2\/comments?post=11857"}],"version-history":[{"count":0,"href":"https:\/\/atlaspress.news\/en\/wp-json\/wp\/v2\/posts\/11857\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/atlaspress.news\/en\/wp-json\/wp\/v2\/media\/11856"}],"wp:attachment":[{"href":"https:\/\/atlaspress.news\/en\/wp-json\/wp\/v2\/media?parent=11857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/atlaspress.news\/en\/wp-json\/wp\/v2\/categories?post=11857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/atlaspress.news\/en\/wp-json\/wp\/v2\/tags?post=11857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}