Brent crude climbs back above $100 as oil benchmarks rally late April 22

Brent crude returned to the psychologically important $100-per-barrel mark early on Thursday (April 23), underscoring renewed strength across global oil benchmarks as energy markets reacted to tightening supply expectations and geopolitical risk.

A market snapshot taken at 5:21 am Tokyo time on Thursday (12:21 am GST, April 23, 2026) showed Brent crude at $101.5, up $2.97 or 3.02% on the session.

The move places the international benchmark back into triple-digit territory after weeks of volatile trading below that level.

US benchmark WTI crude was also higher, trading at $92.60, up $2.93 or 3.27%.

Meanwhile, Murban crude, a key Middle Eastern benchmark increasingly watched by Asian buyers, posted the strongest gain among the major grades, rising $4.70 or 4.88% to $101.

The synchronized rally across Brent, WTI and Murban suggests broad-based buying rather than a localized market move, often a sign that traders are pricing in wider supply constraints or heightened geopolitical tension affecting multiple export routes.

Natural gas prices were also modestly higher, with futures at 2.712, up 0.56%, indicating a parallel lift across the energy complex.

Brent’s return above $100 is significant for both producers and consumers. For oil-exporting countries, the level restores a revenue cushion not seen consistently since earlier market disruptions.

Inflationary pressure

For importing nations, particularly in Asia and Europe, it signals renewed inflationary pressure tied to transport, electricity generation and industrial costs.

Murban’s outsized gain is notable because the grade is heavily linked to flows through the Middle East and Asian refining demand. Its jump often reflects trader sensitivity to risks affecting Gulf supply routes and regional stability.

The price action suggests markets are again assigning a premium to uncertainty — whether from shipping disruptions, sanctions dynamics, or production concerns — after a period when prices had softened on expectations of stabilizing output and demand.

With Brent back in triple digits, energy markets appear to be re-entering a phase where geopolitical developments, rather than purely economic fundamentals, are dictating price direction