DID Press: Crude oil prices jumped sharply today, reaching $120 per barrel, a level not seen since 2022.
Murban crude, a key benchmark for the Middle East, also crossed the $120 mark, while real-time trading briefly saw prices exceed $119 per barrel, according to economic news outlets including Kazinform.
The Financial Times noted that the surge is placing significant pressure on global markets, with investors displaying signs of fear and instability in international stock exchanges.
Energy analysts attribute the spike to the ongoing Iran–U.S. conflict, compounded by geopolitical uncertainty, supply cuts from some producers, and concerns over energy transit routes, which together have driven prices to unprecedented levels in recent years.