NEW YORK: Global oil prices eased after hitting a four-year high of more than $126 a barrel earlier on Thursday, amid concerns the US-Iran war could lead to a protracted Middle East supply disruption that could hurt global economic growth.

The oil markets have been in a period of heightened volatility since the conflict in the Middle East began in late February.

Global oil benchmark Brent crude futures rose as high as $126.41 a barrel, the peak since March 9, 2022, but by 12:29pm ET (16:29 GMT) were down $3.96, or 3.36 per cent, to $114.07. The prompt contract for June delivery expires on Thursday. The more active July contract was at $109.98, down 46 cents, or 0.42pc.

WTI crude futures were down $2.36, or 2.21pc, at $104.52. The contract reached $110.93 earlier, the highest since April 7. Still, both benchmarks are on track for their fourth month of gains, reflecting fears that the Iran conflict could choke global oil supplies for months to come.

The drop in prices from intraday highs did not have an obvious catalyst.

The decline did not look related to a specific development and reflected the heightened volatility in the market since the Iran war started, said Tamas Varga of PVM.

Two large sell orders for June Brent traded earlier in the session, LSEG data showed. Other analysts said that prices can be volatile ahead of contract expires.

Published in Dawn, May 1st, 2026