The Economic Times

Oil prices surge 56% on U.S.-Iran tensions: Will Brent crude hit $140 or crash below $100 amid global market volatility? Heres current oil and gas price analysis, latest market movement, and global energy outlook

Oil prices have surged over 56% in just one month, the fastest jump in years. Brent crude hit $109 per barrel, its highest since 2022, as U.S.-Iran tensions escalate. President Trumps threats against Iranian oil infrastructure and Kharg Island intensified market fears. West Texas Intermediate also jumped above $110, signaling global supply risk. Rising oil prices are pushing petrol and diesel to record highs, fueling inflation and increasing household costs worldwide. Analysts warn markets now price in longer-term disruptions. This sharp climb in oil prices may reshape energy costs, inflation trends, and global economic stability in 2026.