What’s Happening Right Now Global oil prices are rapidly climbing, crossing the $100–$110 per barrel range in early April 2026, driven by escalating geopolitical tensions in the Middle East. Benchmark crude prices, including Brent and U.S. West Texas Intermediate, have jumped sharply within days, marking one of the largest spikes since 2020. ( Reuters ) The surge comes as fears grow over disruptions to global oil supply, especially through the Strait of Hormuz, a critical shi