Crude Oil Price Today: Brent jumps 25% — What’s boiling oil and will it hit $150?

Global crude oil prices have surged sharply, crossing the USD 100 per barrel mark for the first time in about four years, amid escalating geopolitical tensions in the Middle East and fears of major supply disruptions.

Brent crude futures for May 2026 rose sharply by 25.93 per cent to USD 116.72 per barrel in real-time trading at 10 am. During the session, prices moved in a wide range between USD 101.38 and USD 119.46, touching the day’s high near the upper end of the band.

The contract has also reached its 52-week high of USD 119.46, compared with a 52-week low of USD 58.40, reflecting a strong rally in global oil prices.

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Oil prices jumped nearly 20 per cent on Monday to their highest level since July 2022 after the expanding conflict involving the United States, Israel and Iran raised fears of prolonged disruptions in the global energy supply chain.

Supply Risks Rise in the Middle East

Market concerns have intensified after some major oil-producing countries in the Middle East began cutting production, while shipping routes through the strategically important Strait of Hormuz face growing risks.

Brent crude futures rose as much as USD 18.35, or 19.8 per cent, to USD 111.04 per barrel during trading. They were later trading about USD 15.24 higher, or 16.4 per cent, at USD 107.93 per barrel early Monday.

U.S. West Texas Intermediate crude futures also surged sharply. The contract was up USD 16.50, or 18.2 per cent, at USD 107.40 per barrel after rising as much as USD 20.34, or 22.4 per cent, earlier in the session to USD 111.24 per barrel.

Oil markets have already witnessed strong gains in the past week. Brent crude climbed about 27 per cent while WTI rose 35.6 per cent last week before the latest spike.

Iraq and Kuwait Cut Oil Output

The sharp rally in prices comes as oil production and exports from the Middle East face disruptions due to the ongoing conflict.

Industry sources said Iraqi oil production from its major southern oilfields has dropped nearly 70 per cent to around 1.3 million barrels per day. Iraq is currently unable to export crude through the Strait of Hormuz due to the conflict.

Crude oil storage facilities in the country have also reached their maximum capacity, according to an official from the state-run Basra Oil Company.

Kuwait Petroleum Corporation has also started cutting oil production and declared force majeure on shipments, though it has not specified the extent of the output reduction.

Meanwhile, Iran’s attacks on oil infrastructure in the region have raised further concerns. Authorities in the United Arab Emirates reported a fire in the Fujairah oil industry zone after debris fell in the area. Saudi Arabia also said it intercepted a drone heading toward the Shaybah oilfield.

Will Crude Oil Price Touch $150?

In the United States, Senate Democratic Leader Chuck Schumer urged President Donald Trump to release oil from the Strategic Petroleum Reserve to stabilise prices and reduce pressure on consumers.

Market expert Anil Singhvi said the sharp rally in crude oil prices is being driven by multiple factors, including supply disruptions in the Middle East, production cuts by key oil-producing countries and strong trading activity in the commodity markets.

“The rise in crude oil prices is not due to a single factor. There are several reasons behind the surge,” Singhvi said.

He said concerns increased after Qatar’s energy minister warned that if the conflict in the region continues for several weeks, crude oil prices could climb as high as USD 150 per barrel.

Strait of Hormuz Supply Drops Sharply

Singhvi said crude supply through the Strait of Hormuz has also declined sharply. According to him, the daily supply passing through the route has dropped to around 5–6 million barrels from nearly 20 million barrels earlier.

He added that Iraq has reduced crude oil production by nearly 70 per cent, while Kuwait has also announced significant production cuts as a precautionary measure.

Apart from supply concerns, trading activity in the commodity market has also amplified the rally. Singhvi said prices moved sharply higher as key technical levels were crossed, triggering stop-loss orders and short covering in the market.

“Every time crude crossed a new level, stop-losses were triggered. Short covering accelerated the rally as sellers were forced to buy back positions,” he said.

Which Companies Benefit from Higher Crude

He warned that sustained high crude oil prices could increase global inflation and put pressure on economies that rely heavily on energy imports.

Countries such as India, Japan and several European economies may face higher fuel costs if crude prices remain elevated. Singhvi said crude oil has now become a major factor influencing global financial markets.

“If crude prices remain high, it will have negative implications not only for India but for the entire world economy,” he said.

In the equity market, companies involved in crude oil exploration and production are likely to benefit from rising prices. Higher global oil prices increase the realisation for upstream producers, boosting their revenues and profitability.

Exploration companies such as Oil and Natural Gas Corporation and Oil India typically gain the most from higher crude prices because the oil they produce is linked to global benchmarks.

Some energy infrastructure companies may also benefit indirectly, while sectors that consume large quantities of fuel — including aviation, tyre, chemicals and paints — may face pressure due to higher input costs.