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Economics

Global oil prices reach six-month high past $116 a barrel

Outlets agree that global crude oil prices hit a six-month peak above $116 a barrel as growing Middle East tensions fuel concerns over energy supply risks.

a factory with smoke coming out of it
Illustrative photo · Danny Burke / Unsplash

At a glance

  • Global crude oil prices rose past $116 a barrel to reach their highest level since April.123
  • Heightened Middle East tensions and risks of escalating conflict are driving market movements.123
  • Investors fear that worsening regional conflict could threaten global energy supplies.13

Global oil prices climbed past $116 a barrel, reaching their highest level in over six months.123

Energy markets have responded to escalating Middle East tensions and growing fears of expanded conflict.123

Investors remain concerned that continued instability in the region could endanger international energy supplies.13

Where sources agree

  • Oil prices topped $116 a barrel3 of 3
  • Prices reached a six-month high3 of 3
  • Middle East tensions unsettled energy markets3 of 3
  • Escalating war threatens global energy supplies2 of 3

Who covered this

2 National1 International

Sources

  1. 1The New York TimesGlobal Oil Price Hits $116 a Barrel, Highest Since April ↗
  2. 2CNBCBrent crude oil tops $116, a six-month high, as tensions swell in the Middle East ↗
  3. 3The GuardianOil price rises above $117 a barrel amid fears US will renew strikes on Iran ↗

Based on reporting from these reputable newsrooms and reviewed by Orbit’s editors. A fact appears only when at least two sources report it. Orbit is not affiliated with these publishers.

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