Globally, Brent crude rebounded past the $100 mark, reaching $112 per barrel.
Dubai: Global oil prices climbed again on Saturday amid increasing geopolitical pressures affecting supply flows, with Middle East crude leading the surge.
Murban crude, a key benchmark exported from the UAE, jumped 18% to $146.40 per barrel, following a 6% rise the previous day when prices reached $131 per barrel.
Brent briefly approached $120.
Globally, Brent crude rose back above $100, trading at $112 per barrel, up 3.3%. The US benchmark, West Texas Intermediate (WTI), saw similar gains, climbing into the low $90s on Saturday.
The rebound came after a pullback on Friday, when WTI fell 2.06% and Brent dropped 1.45%, with Brent easing toward $109 per barrel and WTI remaining in the high $90s. Both benchmarks retreated from Thursday’s spike, when Brent briefly neared $120.
Why Are Prices Volatile Again?
The recent price swings are not due to changes in demand or supply fundamentals, but rather policy actions. Washington is taking steps to boost available supply, while allies are coordinating to stabilise flows through the Strait of Hormuz. Measures include deploying additional troops to the Middle East to secure critical shipping routes.
For residents in the GCC, rising crude prices have both direct and indirect impacts. Governments benefit from increased revenues, which can support public spending, infrastructure projects, and broader economic growth.
However, higher prices can also push up fuel and transportation costs, adding inflationary pressure to goods and services. Market volatility creates additional uncertainty for businesses and investors in energy-linked sectors.
In the UAE, petrol and diesel prices are reviewed monthly, based on the average global oil prices and refined fuel costs from the previous period. This provides an outlook aligned with current market levels and recent developments, while final pump prices are set by the UAE Fuel Price Committee and may change if global oil markets shift before the official announcement.
