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Oil Prices Reach Highest Levels Since 2022 on Monday

Crude prices hit 2022 highs Monday amid Middle East supply cuts but fell late. The retreat followed news of potential U.S. relief for Russian oil sanctions.

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Global energy markets witnessed extreme volatility as Brent Crude Oil prices surged to their highest levels since 2022 before retreating sharply in late trading. The initial rally was fueled by the expanding conflict between the United States, Israel, and Iran, which has severely disrupted global supply chains.

An aerial perspective shows a pump jack and drilling rig operating south of Midland, Texas, captured on June 11, 2025. REUTERS/Eli Hartman
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