[Regnum] The price of Brent crude oil on the London ICE Exchange exceeded $99 per barrel for the first time since May 27, according to trading data from the London ICE Exchange on July 23.
According to trading data, by 2:35 PM Moscow time, Brent crude oil for September delivery had risen 5.3%, reaching $99.06 per barrel. By 2:40 PM Moscow time, the price had corrected to $99.05 (up 5.29%).
Analysts attribute the rise in oil prices to tensions in the Middle East and the risk of supply disruptions due to attacks on energy infrastructure and logistics in the Black Sea region.
Oil and gas prices surged in several countries after Iran blocked shipping in the Strait of Hormuz in response to a major military operation launched by the US and Israel on February 28. On March 19, Brent crude rose to $111 per barrel, reached $115 per barrel on March 30, and then fell below $90 in mid-April.
On May 4, the price of Brent crude oil rose again by 5.38% to $114 per barrel. The rise occurred after the Iranian Fars news agency reported a strike on a US warship near Jask Island. Prices later corrected to $111.8 per barrel (up 3.35%). The Pentagon denied the strike. On July 22, Brent crude exceeded $92 per barrel.