Global oil prices retreat from four-year high of 126 dollars

Brent Crude Oil prices fell 1.7% to $115.98 a barrel on Thursday after hitting a four-year high of $126.41. The intraday peak was the highest level since March 9, 2022, following reports of potential United States military action. Investors are weighing the risk of a protracted Middle East supply disruption against high volatility in the energy market.

Prices climbed during the morning after Axios reported that President Donald Trump would receive a briefing on military strikes against Iran. The report said the strikes aim to force a return to nuclear negotiations. Tamas Varga of oil broker PVM said the subsequent decline reflected unpredictable trading patterns since the conflict began on February 28.