Oil Prices Retreat from Four-Year High Amid Escalating US-Iran Tensions

Global oil prices retreated on Thursday after reaching a four-year high of over $126 per barrel due to concerns about the potential escalation of US-Iran tensions.

The news sparked a brief rally in oil prices, but they later dropped without any clear catalyst. The market has been experiencing heightened volatility since the Iran conflict began on February 28.

Tamas Varga of PVM Oil Broker noted that the price decline does not appear to be related to a specific event and reflects the unpredictable nature of trading under President Trump's leadership.

Global oil benchmark Brent crude futures declined by $2.05, or 1.7%, to $115.98 per barrel as of 1016 GMT, after reaching an intraday high of $126.41, its highest level since March 9, 2022.