Oil prices have surged past US$ 100 a barrel, driven by heightened tensions in the Middle East and fears of significant disruptions in global energy supply chains. On Friday, the Brent crude was up by 0.8% reaching US$ 100.30, while West Texas Intermediate (WTI) traded at US$ 95.98. Since the escalation of conflict in the region, oil prices have increased by about 40%, climbing from approximately US$ 60 near the beginning of 2026 to levels not observed since mid-2022.

The rise in prices occurred despite a temporary measure from the United States that aimed to ease some of the strain on the global energy market. On the same day, the US Treasury authorized a 30-day license until April 11, allowing countries to purchase previously held Russian oil and its derivatives that were already in transit. This decision seeks to address supply shortages that have intensified amid ongoing geopolitical tensions in the region.

While the US move could potentially provide some immediate relief in the oil market, it remains to be seen how these dynamics will unfold in the coming months. Global energy markets are highly sensitive to political developments, and analysts suggest that the volatility in oil prices is likely to continue as the situation in the Middle East evolves and as countries navigate their energy procurement matters under the shadow of sanctions and international trade complexities.