Oil Market Volatile After Middle East War, International Oil Prices Surge to 4-Year High Then Fall Back
International oil prices briefly surpassed $126 per barrel today, reaching a 4-year high due to market concerns that a war between the US and Iran could disrupt Middle East supply, further impacting the global economy. However, prices later retreated, closing lower.
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- 📰 Published: May 1, 2026 at 05:26
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Central News Agency
(Central News Agency New York, 30th Comprehensive Foreign Report) International oil prices briefly surpassed $126 per barrel earlier today, reaching a new 4-year high, primarily due to market concerns that a prolonged war between the United States and Iran could disrupt Middle East supply, further impacting the global economy. However, oil prices subsequently retreated, closing lower.
According to Reuters, the oil market has been highly volatile since the outbreak of the Middle East conflict in late February.
Global oil benchmark Brent crude futures rose to $126.41 per barrel during trading today, the highest point since March 9, 2022, but eventually fell by $4.02, or 3.41%, to close at $114.01.
The June delivery futures contract expired today. The more actively traded July contract rose by 44 cents, or 0.4%, to close at $110.88.
US West Texas Intermediate (WTI) crude futures closed down $1.81, or 1.69%, at $105.07, after touching $110.93 during trading, a new high since April 7. (Compiled by Yang Zhaoyan) 1150501
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(Central News Agency New York, 30th Comprehensive Foreign Report) International oil prices briefly surpassed $126 per barrel earlier today, reaching a new 4-year high, primarily due to market concerns that a prolonged war between the United States and Iran could disrupt Middle East supply, further impacting the global economy. However, oil prices subsequently retreated, closing lower.
According to Reuters, the oil market has been highly volatile since the outbreak of the Middle East conflict in late February.
Global oil benchmark Brent crude futures rose to $126.41 per barrel during trading today, the highest point since March 9, 2022, but eventually fell by $4.02, or 3.41%, to close at $114.01.
The June delivery futures contract expired today. The more actively traded July contract rose by 44 cents, or 0.4%, to close at $110.88.
US West Texas Intermediate (WTI) crude futures closed down $1.81, or 1.69%, at $105.07, after touching $110.93 during trading, a new high since April 7. (Compiled by Yang Zhaoyan) 1150501
Choose to stand with facts, every sponsorship you provide is a force to protect press freedom.
Download the Central News Agency "First-hand News" APP to get the latest news instantly.
The text, images, and audio-visual content of this website may not be reproduced, publicly broadcast, or publicly transmitted and used without authorization.