Global Oil Prices Reach Highest Level Since 2022, Breaking Through 112 US Dollars

NEW YORK – Global oil prices closed at their highest level in more than three years on Friday (27/3/2026) local time, amid market concerns over potential supply disruptions in the Middle East.

The rise in global oil prices occurred despite US President Donald Trump shifting his approach towards negotiations with Iran, which has not yet been able to ease market concerns.

Quoted from CNBC on Saturday (28/3/2026), the US West Texas Intermediate (WTI) crude oil price rose 5.46 per cent to 99.64 US dollars per barrel.

That level is the highest since July 2022, when Russia’s invasion of Ukraine shook the global energy market.

Throughout the trading session, the US oil price briefly touched a daily high of 100.04 US dollars per barrel before a slight correction. On a weekly basis, the WTI contract rose around 1 per cent, while Brent remained relatively stagnant.

Trump’s move to grant Iran a 10-day extension to reopen the strategic Strait of Hormuz route has not yet eased market concerns.

He described the talks as positive, “despite conflicting misleading statements from Fake News Media and other parties.”

As part of that policy, Trump also stated he would temporarily halt attacks on Iranian energy infrastructure until 6 April 2027.

However, Iran has yet to respond to the latest statement.

That event marks the first attempt by a major shipping company to cross that route since the conflict began.

COSCO itself is the fourth largest shipping company in the world by capacity.

In its statement, MarineTraffic noted that “developments overnight indicate that the situation in the Strait of Hormuz remains highly unstable.”