Brent Crude Surges Above $108 Amid Iran Conflict

© изображение сгенерировано ИИ

Global oil prices have surged amid escalating tensions surrounding Iran. The price of benchmark Brent crude exceeded $108 per barrel, according to trading data.

According to the TradingView platform, at 1:15 a.m. Moscow time (10:15 p.m. GMT), oil prices briefly spiked above $111 per barrel. This level was last seen on July 5, 2022. At one point, the price reached approximately $111.4, marking a gain of about 19% from the previous close.

Later, the increase slowed down. As of 1:24 a.m. Moscow time (10:24 p.m. GMT), Brent futures were trading around $108.23 per barrel, representing an increase of roughly 16%.

The sharp rise in prices is linked to market concerns about potential disruptions in oil supplies from the Middle East region amid ongoing military conflict.