Why have oil prices hit record levels lately?

Oil prices have reached record levels lately due to a combination of factors, including ongoing geopolitical tensions, particularly in oil-producing regions, and supply chain disruptions exacerbated by sanctions and production cuts from major oil-exporting countries. Additionally, recovering global demand following COVID-19 lockdowns has increased competition for limited supply, further driving prices up. Market speculation and concerns about future supply shortages have also contributed to the surge in oil prices.