Crude beyond $120: Oil prices touch four-year peak, here’s what analysts are saying
Oil prices soared to a four-year peak on Thursday before retreating, as fears over the intensifying US-Iran war rattled global energy markets and fueled concerns over disruption in the Strait of Hormuz. Brent crude, the global oil benchmark, briefly climbed to $126.41 a barrel overnight, its highest level in four years, before easing back to $115.8 as market activity slowed. Meanwhile, WTI crude fell 0.7% to $106 a barrel.
Even after the decline, Brent remains significantly above its pre-war level of $73 a barrel and has nearly doubled since the start of the year, when tensions between Washington and Tehran began escalating.
