Saudi, Emirati oil prices reach record highs
The Russian invasion of Ukraine has led to historically high oil prices.
Oil prices across the Middle East and the world hit all-time highs again today.
The price of Brent crude oil, widely considered the global benchmark for oil prices, briefly traded above $139 a barrel overnight. This was the highest price since 2008.
In the Gulf, the price of Dubai crude oil on the Tokyo stock exchange reached 77,240 yen ($670) per kiloliter today. This was the highest price on the Japanese exchange since just before the US housing crisis in 2008, the official Emirates News Agency reported.
Saudi Arabia’s state-oil company Aramco also raised the price of Arab light crude for buyers in Asia to $4.95 a barrel. This is the highest price of all time, Reuters reported today.
