Historic Surge in Global Oil Prices: Brent Crude Surpasses $108 per Barrel

Global energy markets recorded a sharp increase in crude oil prices on Friday, May 15, 2026, driven by a series of economic and geopolitical variables. Trading data showed an increase of over three dollars per barrel, with Brent crude futures jumping to break the $108 per barrel barrier. Consequently, US West Texas Intermediate (WTI) crude futures also rose, reaching $104 per barrel. This notable surge is attributed to persistent tensions in strategic shipping lanes, particularly the Strait of Hormuz crisis, as well as fluctuations in global demand. These factors have sparked growing concerns among investors regarding the stability of international energy supplies.