Benchmark Dated Brent crude, which is used to price more than 60% of the world’s physical crude oil cargoes, surged above $105 per barrel, reaching $105.70 as per the market data
KARACHI: (UrduPoint/Pakistan Point News-July 25th, 2026) Global crude oil prices climbed to their highest levels in nearly two months this week as escalating tensions between the United States and Iran, coupled with supply disruptions linked to the conflicts in Iran and Ukraine, intensified concerns over global energy supplies.
Benchmark Dated Brent crude, which is used to price more than 60% of the world’s physical crude oil cargoes, surged above $105 per barrel, reaching $105.70 on Thursday, according to market data. The price crossed the $100-per-barrel mark for the first time since early June and hit its highest level since late May.
Physical crude cargoes across the middle East, Europe and Africa also recorded sharp gains, with North Sea Forties crude rising to $108.77 per barrel, while some grades approached $110 per barrel.
The rally has been driven by fears of supply shortages as buyers compete to secure immediate shipments amid growing geopolitical uncertainty.
Oil market analyst Tamas Varga said supply concerns have once again become the dominant factor influencing global oil markets.
Adding to the pressure, Kazakhstan announced that operations at the CPC Blend crude export terminal on the Black Sea were suspended following alleged Ukrainian drone attacks, forcing the country to cut oil production.
According to the industry sources, Kazakhstan’s crude oil output has fallen by nearly half to around 460,000 barrels per day, further tightening global supply and supporting higher oil prices.
