Brent crude surged to its highest levels since early 2022, before paring gains, as the Middle East conflict chokes supplies.

Brent crude oil surged to $114.66 per barrel in late May 2026, nearly doubling from roughly $60 a barrel at the same time last year and reviving the kind of energy cost pressures that drivers, airlines,

Over the past 12 months, global benchmark Brent crude has shown significant volatility, reaching an intra‑month peak of $124.61 per barrel on April 10, 2026, and then easing to $114.43 per barrel as of April 17, 2026 (latest observation available from U.S. EIA Brent data as of the date of this release).

Barclays on Friday raised its 2026 Brent crude forecast to $100 per barrel, noting that prices could rise further if disruptions in the Strait ​of Hormuz persist longer than expected.

Oil prices are rising sharply as traders price in a prolonged Strait of Hormuz disruption and a tougher U.S. blockade against Iran.

U.S. oil prices were down about 2% at 11:15 a.m. ET, with the June West Texas Intermediate crude contract falling by $2.14 to $104.74/bbl after nearly touching $111/bbl earlier in the day. July WTI was trading $1.40 lower to $98.71/bbl.

Crude oil prices climbed on May 1, with Brent crude at $111.59 a barrel amid unresolved tensions with Iran. Experts noted inflation fears as prices exceeded $120 for the first time in four years, following ongoing disruptions in oil supply.

Traders are buying and selling contracts for different kinds of oil, going out for many months. In the most actively traded part of the market for Brent crude, for delivery in July, the price rose as high as $114.70 per barrel, fell back toward $107 and settled at $110.40 on Thursday, nearly unchanged from the day before.