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US crude oil prices surged to $120 per barrel at the open before retreating to around $107, while Brent crude peaked at $113 per barrel. Both benchmarks remain above $100 as geopolitical tensions and fading hopes for peace drive volatility. The sharp intraday movement reflects heightened market sensitivity to Middle East conflicts and supply chain disruptions. This price surge signals increased risk premiums in energy markets, impacting global economies reliant on oil imports. Traders are closely monitoring the situation for potential follow-through buying or further consolidation. The move also raises concerns about inflationary pressures and central bank policy responses. For Gulf investors, the price action underscores the region's dual role as both a major oil producer and a key consumer market. Key watchpoints include OPEC+ policy adjustments, US sanctions developments, and the broader economic implications of sustained high oil prices on regional budgets and growth projections.
