Crude Oil Price Hits $115 Per Barrel, Highest in 4 Years

Crude oil price has hit $115 per barrel, the highest in 4 years.

Philips News reports that Brent crude surged to $115 per barrel and West Texas Intermediate to $103 per barrel on Wednesday, April 29, 2026.

Global oil prices showed that both Brent and West Texas Intermediate crude rose by over 3 percent on a day-to-day basis.

This online newspaper understands that Brent at $115 per barrel is the highest since 2022, according to energy market price data. The upsurge in global oil prices comes after the United Arab Emirates announced its exit from the Organization of the Petroleum Exporting Countries, a major oil bloc.

The UAE’s exit from OPEC is coming at a time the world is grappling with a more than two-month-old war in the Middle East.

Meanwhile, PhilipsNews understands that the latest hike in global oil prices poses a potential domestic fuel price increase in Nigeria.

As of Wednesday morning, fuel prices have remained stable between N1,290 and N1,310 per liter in Abuja, the nation’s capital.