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Brent crude crosses $120 per barrel as UAE announces May oil prices
Brent has doubled since the US-Israeli attack on Iran began on February 28 and the US benchmark West Texas Intermediate crude is up around 90% due to the Strait of Hormuz's closure
- PUBLISHED: Thu 30 Apr 2026, 3:24 PM
Global oil prices reached a four-year high on Thursday morning to $126.41 a barrel. As of 2pm UAE time, Brent crude, a global benchmark, is at $120.92 per barrel, as oil output dwindles due to shipping constraints.
At the same time, the UAE announced fuel prices for the month of May, with Super 98 gaining 7.3 per cent (Dh3.66 a litre), Special 95 at 7.6 per cent higher (Dh3.55 per litre), E-Plus 91 at 8 per cent higher (Dh3.48 per litre), with diesel unchanged at Dh4.69 a litre.
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According to Reuters, oil moved higher after Axios, citing unidentified sources, reported late on Wednesday that U.S. President Donald Trump was expected to be briefed on Thursday regarding military plans in Iran.
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The price of Brent crude has doubled since the U.S.-Israeli attack on Iran began on February 28 and the U.S. benchmark West Texas Intermediate crude is up around 90 per cent due to the Strait of Hormuz's closure, through which about a fifth of the world's oil and liquefied natural gas transits.
The highest that oil reached was in July 2008, reaching nearly $147.50 per barrel as WTI neared $150.
UAE exits Opec
The UAE has also made the decision to leave the Organization of the Petroleum Exporting Countries and Opec+, affective Friday, of which it was a member of the former since 1967.
Khaleej Times reported that analysts predict the UAE could eventually increase output by up to 30 per cent above previous quota-constrained levels, depending on how quickly new capacity is deployed.
It would create three likely scenarios: a gradual increase with minimal price impact, a medium expansion and a cap on prices if shipping in the Strait of Hormuz goes back to normal, or a full capacity deployment, which could push prices lower unless demand growth accelerates supply.
Hind Aldah is a business reporter based in Sharjah. In her spare time, you will find her playing classical guitar, painting amateur oil paintings, or crocheting the same old scarf that leads nowhere.