Oil Prices Surge to $125 a Barrel on Renewed Geopolitical Fears

Global oil markets saw a sharp rally as Brent crude briefly climbed to $125.60 per barrel before easing to around $116.50 in early Thursday trade. West Texas Intermediate also rose, trading at roughly $106.72. The spike marks the highest level since 2022 and was driven by renewed geopolitical tensions. Reports indicate the rally followed news that the US military will brief the president on potential action in the Iran conflict. Tehran’s proposal to reopen the Strait of Hormuz was reportedly rejected, keeping the naval blockade threat in place until a broader nuclear agreement is reached. Market uncertainty deepened when the United Arab Emirates announced its decision to withdraw from OPEC and the wider OPEC+ alliance. This move reflects evolving energy policies in the UAE and adds further pressure on global supply and demand dynamics.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.