02/04/2026
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In 2022, international petrol (crude oil) prices surged to historic highs, driven by supply fears following the Ukraine conflict, with Brent crude frequently exceeding $100 a barrel and averaging over $100 for much of the year. Prices peaked in summer 2022, reaching around $114-$120 per barrel during mid-year, with pump prices hitting over 190p per liter in some regions.
Trading Economics
Trading Economics
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Key 2022 International Oil Price Data:
Volatile Surge: Prices jumped from around $73 to over $110 per barrel rapidly following the Ukraine conflict.
Monthly Average Peaks: According to Macrotrends data, WTI Crude oil prices were roughly $96 in Feb, $100 in March, $104 in April, and peaked around $114 in May 2022.
Global Impact: The 2022 surge marked an 18-year high for fuel price increases in countries like the UK.
Factors: The rise was fueled by supply chain fears and geopolitical instability.
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