Global oil prices have hit a five-month peak, with Brent crude surging past $114 a barrel and WTI crossing the $100 mark. This upward trend is fueling speculation among UAE motorists, who are bracing for a potential hike in pump prices when the Fuel Price Committee announces the new rates for November. Since the deregulation of the market in 2015, domestic prices have tracked closely with international benchmarks, and with current global instability, many are wondering if the upcoming adjustments will surpass the all-time record highs seen in July 2022.

The recent spike in costs is largely attributed to heightening geopolitical tensions in the Middle East, including concerns over potential military actions involving Iran and regional supply disruptions. Financial experts point out that market uncertainty, spurred by threats to infrastructure and shipping lanes, has created a significant risk premium on oil. As the committee prepares to finalize the November prices on October 31, all eyes remain on the global market to see if the cost of Super 98, Special 95, and E-Plus 91 will break the previous peaks of Dh4.63, Dh4.52, and Dh4.44 per litre, respectively.