Concerns over crude oil supply have pushed global prices sharply higher, with markets reacting to ongoing uncertainty in the Middle East.
International benchmark Brent crude rose by $5.29 to reach $118 per barrel, while West Texas Intermediate climbed to $102 per barrel.
The impact of rising oil prices is also being felt in the United States, where gasoline prices have surged to a four-year high. The average price of petrol has crossed $4 per gallon, reflecting mounting pressure on consumers.
According to the U.S. Energy Information Administration, fuel prices last exceeded the $4 mark in August 2022.
Meanwhile, data from the American Automobile Association shows that prices were below $3 per gallon as recently as late February, highlighting the rapid increase.
U.S. media reports suggest that rising fuel costs have historically posed political challenges for the White House. President Donald Trump is expected to face a crucial political test later this year, with midterm elections in November that could determine control of Congress.
Despite growing concerns over prolonged high oil prices, Trump has repeatedly downplayed the potential negative impact.
He has argued that as one of the world’s largest oil producers, the United States stands to benefit overall from higher prices, stating that increased rates translate into greater national revenue.
On the other hand, United Arab Emirates has announced a significant increase in petrol and diesel prices, reflecting shifting global energy trends.
Under the newly issued rates, petrol prices have risen by more than 30 percent, while diesel has recorded a sharp increase of nearly 70 percent.
According to the revised pricing structure, Super petrol has increased from AED 2.59 to AED 3.39 per litre. Similarly, Special 95 petrol has gone up from AED 2.48 to AED 3.28 per litre, while E-Plus 91 petrol now costs AED 3.20 per litre, up from AED 2.40.
Diesel witnessed the steepest hike, with prices surging from AED 2.72 to AED 4.69 per litre.
The increase comes amid rising global oil prices and ongoing volatility in international energy markets.
