Oil prices surged past $100 per barrel for the first time since 2022 on Monday as investors braced for a potentially prolonged standoff in the Middle East and a global energy crisis.
Brent crude futures last traded up 15.2 percent at $106.77 a barrel after surging to a nearly four-year high above $119 a barrel earlier following production cuts by major Middle Eastern producers—including Kuwait, Iran, and the United Arab Emirates—after the closure of the Strait of Hormuz.
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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.