Middle East crude surges toward $150: Will UAE fuel prices rise soon?

Dubai: Global oil prices rose again on Saturday, reflecting mounting geopolitical pressure on supply flows. Middle East crude led the move with a sharp spike. Murban crude, a key benchmark exported from the UAE, jumped 18% to $146.40 per barrel. That followed a 6% surge a day earlier, when prices hit $131 per barrel.

Globally, Brent crude climbed back above the $100 mark, trading at $112 per barrel, up 3.3%. The US benchmark West Texas Intermediate (WTI) posted similar gains on Saturday, rising into the low-$90s.

The rebound follows a pullback on Friday. WTI fell 2.06%, while Brent declined 1.45%. On Friday, Brent eased toward $109 per barrel. WTI held in the high-$90s. Both retreated from Thursday’s spike, when Brent briefly approached $120.

Why are prices volatile again?

This price shift did not stem from demand or supply fundamentals. Policy moves drove the change. Washington is pushing to increase available supply. Allies are coordinating efforts to stabilise flows through the Strait of Hormuz. Measures include deploying additional troops to the Middle East to secure key shipping routes.

For people in the GCC, higher crude prices carry direct and indirect effects. Governments benefit from stronger revenues, which can support spending, infrastructure projects, and economic growth.

At the same time, elevated prices can feed into higher fuel and transport costs, increasing inflationary pressure across goods and services. Market volatility also raises uncertainty for businesses and investors tied to energy-linked sectors.

UAE petrol and diesel prices are reviewed monthly and are based on average global oil prices and refined fuel costs from the previous period. This outlook reflects current market levels and reported developments. Final pump prices are set by the UAE Fuel Price Committee and may differ if global oil markets shift before the official announcement.