Oil Prices Surge Past $120

As of Thursday morning, international oil prices have surpassed the $120 mark. Following a 3% price hike, the cost of crude oil reached $121.64 per barrel, several media outlets reported.

Despite a temporary halt in hostilities, a permanent peace treaty between Iran and the United States remains elusive. Adding to the volatility, the United Arab Emirates—a key member of the Organization of the Petroleum Exporting Countries (OPEC)—has announced its intention to exit the group. This move has doubled regional tensions and sent shockwaves through the global energy market.

West Texas Intermediate (WTI) oil prices also saw an uptick. With a 2% increase, the price of WTI crude has risen to $109.

Oil prices began their steady ascent in February after the United States and Israel launched strikes on Iran, leading Tehran to shut down the Strait of Hormuz—the world’s most vital energy transit point. Although prices have seen minor fluctuations since then, the market has experienced a consistent upward trend over the past few days.