Moscow (Commerce Desk): The global market has seen Brent crude oil prices rise above $119 per barrel, reaching this level for the first time since June 17, 2022.
According to trading data, Brent crude for May 2026 delivery on the London ICE Exchange reached $119.36 per barrel at 5:30 AM Moscow time, reflecting an increase of approximately 28.77 percent. Shortly afterward, at 5:35 AM, the price slightly declined to $117.8 per barrel, still marking an approximate 27 percent increase.
Experts attribute this unprecedented rise in oil prices to tensions in the global energy market, particularly the situation in the Middle East, along with supply concerns. Analysts warn that if regional tensions persist, oil prices in the global market could increase further, potentially impacting the world economy and fuel prices.
