Global oil prices closed above $100 per barrel for the first time in over two months, increasing by as much as 30% within just a few weeks due to escalating tensions in the Middle East.
On Thursday, 23 Feb 2026 GMT+7, oil prices surged significantly as Brent crude oil closed above $100 per barrel for the first time in two months. The expanding conflict in the Middle East has raised concerns about inflation and triggered global market volatility.
Brent crude oil, the global benchmark, rose approximately 7%, closing at $100.69 per barrel, marking its highest closing price since 22 May.
Meanwhile, WTI crude oil, the US benchmark, increased by 6.17%, closing at $92.19 per barrel, the highest closing level since 4 June.
Rising tensions in the Strait of Hormuz and Bab el-Mandeb Strait have pushed oil prices higher for five consecutive days.
Oil prices have surged sharply this month due to intensifying Middle East conflicts. Brent crude closed at $71.57 on 1 July and now trades just above $100 per barrel, meaning global benchmark crude oil prices have jumped nearly 40% within only three weeks.
In other market movements, the oil price recovery has pushed US government bond yields higher, with the 10-year Treasury yield reaching its highest level since January 2025.
US stock markets saw declines: the Dow Jones fell 550 points, or more than 1%, the S&P 500 dropped 1.4%, and the Nasdaq Composite plunged 2.5%.
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Source:cnn